Arlington, TX 76015
Without a doubt, for the vast majority of people, buying or selling a property will be the largest transaction of their lives. The premise is simple…find a property, agree on a price, and buy it. However, the actual execution of a real estate transaction is a lot more complicated when you dig into the details.
With so much on the line, you can’t afford mistakes. You need a seasoned attorney such as John Hixson representing you so that when it comes time to review all of the details of a real estate deal, you are fully protected. While it’s a smart investment, it makes particularly good sense when it comes to actually preparing a deed for execution.
A deed is a legal document that conveys the ownership of a parcel of land or any other type of real property from the seller to the buyer. It must be signed by both parties and duly registered in the county’s record office. A deed serves as a piece of evidence of your ownership over a piece of property.
But not all deeds are the same. One size does not fit all situations.
With a warranty deed, the owner swears that he or she has the full authority to sell that property. It must pass a title examination that will include:
With a Special Warranty Deed, the owner of this title swears that there are no infirmities in the title and that he acted in good faith. In other words, he has not acted to affect the validity of the title, but if someone else caused the defect, then the owner cannot be held accountable.
A General Warranty Deed holds the owner of the property responsible for whatever happens. Here, the owners guarantee that the property is free from any defect. Should a problem arise, the owner cannot escape culpability.
A Quitclaim Deed states that the grantor waives all his claims on a certain piece of property. It also limits the heir’s rights over an estate property. Under Texas law, it provides that when a title is transferred by virtue of a quitclaim deed, it cannot be subjected to any type of insurance.
In a Deed Without Warranty situation, no warranties are made, so if any title issues arise, the owner cannot be held accountable. If you agree to this particular set-up, then be prepared for some setbacks and legal problems that may come up. In fact, most who agree to enter into this type of set-up encounter legal issues and troubles in having their deeds registered and prepared.
As you can see, deed preparation requires legal experience and expertise since it can be a complicated legal process. This is especially true if there are other issues that may be attached to the property such as unpaid taxes, equitable division of assets in cases of divorce, and other legal matters.
Securing the services of John Hixson to assist you with your real estate transaction needs, including deed preparation is a smart move that will reduce the stress and increase your protection in any real estate matter.
The Hixson Law Firm serves clients in Mansfield, Arlington, Grand Prairie and other nearby Texas communities.