Orlando Warranty Deeds
The exchange of property is always exciting but when the transaction takes place between two strangers, it is essential that buyers ensure they are protected. A warranty deed will transfer the legal ownership rights of a property, and ensure there are no defects within the title that could deem it invalid. While an Orlando warranty deed is not usually necessary when property is being transferred to a trust, LLC, or a family member, they are always recommended when the two parties involved in a transfer of property are unknown to each other. An Orlando warranty deed lawyer can help guide you through the process.
What Does an Orlando Warranty Deed Protect Against?
Warranty deeds are legal documents that state which party legally owns the property, and whether there are any outstanding encumbrances or outstanding liens on the property. Orlando warranty deeds are typically used to state:
- The full name of the rightful owner to the property
- The property is cleared of any encumbrances, judgments, or liens, and
- That there are not any third party claims of ownership on the property
Under Florida law, warranty deeds must meet certain requirements and it is always advisable to work with a lawyer that can provide the advice you need, and ensure these documents are executed correctly. It is also important to note that there are typically two different types of warranty deeds available. These are general and special warranty deeds.
General Warranty Deeds vs. Special Warranty Deeds
The two different types of warranty deeds are important, particularly for buyers that want to ensure they are offered the most protection possible. The difference between general and special warranty deeds are as follows:
- General warranty deeds: General warranty deeds are most beneficial to purchasers because they guarantee that the existing owners have provided full disclosure about any liens, encumbrances, easements, and judgments on the property, and that the grantor has full ownership of the property. Essentially, general warranty deeds ensure the purchasers of the property are fully aware of the deal they are entering into. Under a general warranty deed, the grantor can also be held legally liable for paying damages if a claim is made against the property.
- Special warranty deeds: Special warranty deeds do not offer as much protection to purchasers because they only guarantee that there are no encumbrances on the property. It does not provide any protection to the grantor if a claim is made against the property. Special warranty deeds are generally used by owners that will temporarily have rights to the property, such as lenders, and are common in commercial real estate transactions.
A lawyer can advise on what type of warranty deed is appropriate for a specific situation.
Call Us for Your Warranty Deed in Orlando Today
If you are purchasing property and need protection, our attorneys at My Florida Deed can provide the Orlando warranty deed you need. Call us today at 407-205-2906 or fill out our online form to obtain the important information you need and to learn more about how a warranty deed can help you.