A warranty deed is when a person selling a plot of land, a house, or a property, can guarantee they own the rights and title of the land and that this person is legally allowed to sell the property to you. Warranty deeds are not the same as quitclaims as a quitclaim is when the seller believes they own the rights to the land but cannot guarantee a clean title.
The purpose of the warranty deed is to give you some assurance as a home buyer that you will be able to buy the property without any issues. But even with a guaranteed warranty deed in place, it is still wise to have a title search done by a reputable and independent title company. By having the title company do a complete search for potential problems you have a second set of eyes and don’t need to just take the seller’s word for it.
Warranty deeds are normally transferred from the seller to the buyer during the escrow process, and if everything follows regular practices the transfer will be recorded by the county recorder’s office. This is one of the places a reputable [Read more…]