Special Warranty Deed
everything has been okay since the current owner had title
A special warranty deed is a legal document used in real estate transactions that transfers ownership of a property from one party to another party. This type of deed provides limited guarantees or warranties regarding the ownership and transfer of the property.
In a special warranty deed, the seller, also known as the grantor, warrants that they have not done anything to harm the title during their ownership of the property. This means they are only warranting against any liens or defects that occurred during their time of ownership and not before. In contrast, a general warranty deed offers a more comprehensive warranty and guarantees the title back to its origin.
Special warranty deeds are typically used in commercial real estate transactions or in situations where the seller has owned the property for a shorter period of time and therefore has less knowledge and control over the history of the property. It is important for the buyer to conduct a thorough title search and obtain title insurance as a precautionary measure.
It is recommended to have a real estate attorney to review the special warranty deed and ensure that it meets all legal requirements and accurately reflects the agreed-upon terms of the transaction.
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