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What is a Statutory Warranty Deed and How Does It Protect You?
Definition & Meaning
A statutory warranty deed is a legal document used to transfer ownership of real property in certain states. It serves as a simplified version of a traditional warranty deed. This type of deed includes standard title guarantees by default, meaning the seller (grantor) implicitly assures the buyer (grantee) of the title's validity without needing to explicitly state each guarantee. Essentially, it provides a level of protection to the buyer regarding the ownership of the property.
Table of content
Legal Use & context
Statutory warranty deeds are commonly used in real estate transactions. They are relevant in civil law, particularly in property law. This type of deed is beneficial for both buyers and sellers, as it clarifies ownership rights and protects against potential claims from others. Users can often manage these transactions themselves using legal templates from US Legal Forms, which are drafted by experienced attorneys.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A homeowner in Washington sells their property using a statutory warranty deed. By doing so, they assure the buyer that they own the property outright and that there are no liens against it.
Example 2: A couple purchases a new home with a statutory warranty deed, confident that the seller has provided all necessary assurances regarding the title (hypothetical example).
Relevant laws & statutes
In Washington, the statutory warranty deed is governed by RCW 64.04.030, which outlines the implied covenants included in such deeds. Other states may have similar statutes, but they can vary significantly.
State-by-state differences
State
Key Differences
Washington
Implied covenants include ownership and freedom from encumbrances.
California
Statutory warranty deeds may not be as common; specific language is often required.
Texas
Different types of deeds may be used; statutory warranty deeds are less common.
This is not a complete list. State laws vary and users should consult local rules for specific guidance.
Common misunderstandings
What to do if this term applies to you
If you are involved in a property transaction that requires a statutory warranty deed, consider using templates from US Legal Forms to ensure compliance with state laws. If the situation is complex or if you have specific questions, consulting a legal professional may be beneficial.
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