New York-Warranty Deed

You may be asking if you may ever switch from a limited warranty deed to a wide warranty deed. That which the grantor gives you cannot be changed into something other under any conditions. But if you buy a house with a limited warranty deed and then decide to sell it, you are free to provide whatever guarantees and warranties you choose to the buyer. You are allowed to make a representation that the title is free and clear, but you will be accountable for any inaccuracies. To facilitate the transfer of foreclosed properties, it is common practice to use a limited warranty deed, which provides the buyer with some assurances regarding the title but does not offer the full protection afforded by a general warranty deed.

Mortgage lenders often need a warranty deed as a condition of providing financing, and this deed is often executed prior to the closing of a property transaction. You should be aware of this prerequisite if you are applying for a mortgage. Once both parties have signed the transfer agreement, the purchaser may reasonably presume that the seller has the legal authority to transfer ownership rights to the property to the purchaser. In case anybody else claims they are owed money for the property, the buyer now has documentation showing they are not responsible for the debt.

The transfer of real property ownership is evidenced by a deed, a legal instrument. In the United States, they are filed with a municipal or county clerk’s office since they are considered public records. Many jurisdictions now also make deeds and other property documents searchable online, so anybody may request to see a copy. Typically, a deed will name the parties involved, explain the property at issue, and specify whose rights are being transferred. Some deeds may simply transfer one person’s interest in the land while others keep their part; others may include additional limitations, or covenants, limiting the new owner’s use of the land or forcing them to join a homeowners association. Certain states have laws dictating the form and language that must be used in deeds. Deeds impacting your property should be reviewed by an attorney familiar with the law and conventions in your place , just as you should with any other legal document.