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Recordation tax exemption pursuant to Code of Virginia section ___________________Grantee Name: ___________________Grantee Address: ___________________
PIN or Property Identification Number/Tax Map Number: ___________________Deed Prepared By: __________________________Address: ___________________________________________After Recording, Mail to:________________________________________________________
Warranty Deed
This Warranty Deed, made this 21st day of February, 2019, by and between ___________________, not married, of ___________________, (the "Grantor"), and ___________________, not married, of ___________________, (the "Grantee")
WITNESSETH, that in consideration of the sum of $__________ the Grantor does hereby remise and release, with general warranty covenants, unto the Grantee, as the sole tenant, in fee simple, all that piece or parcel of land, together with the improvements, rights, privileges and appurtenances to the same, situated in the County of ___________________, Commonwealth of Virginia, described as follows:
________________________________________________________________________________________________________________________________________________________________________
The Grantor attests for the Grantee and the Grantee's heirs and assigns that at and until the ensealing of these presents, the Grantor is well seized of the above described premises, as a good and indefeasible estate in fee simple.
The Grantor covenants that the Grantor will warrant generally the property hereby conveyed, and that the Grantor will execute such further assurances of said land as may be required.
WITNESS the hand and seal the day and year first hereinbefore written.
Signed in the presence of:
_________________Signature_________________Name
____________________________________
Grantor Acknowledgement
A Warranty Deed is also known as a:
A Warranty Deed is a document that guarantees that the title to a property is free from any interests held by others, such as liens. In other words, the grantor (seller) of the property is ensuring that the property is completely clear, as in creditors will not use the property as collateral for the grantor's debt, as an example.
Warranty Deeds are generally used for residential home sales between unrelated parties, so that the buyer can ensure that the property is free and clear. In other words, if a buyer wants to be absolutely sure that they will have full ownership rights to the property, requesting a Warranty Deed is a good idea.
Alternatively, the seller could present a Warranty Deed as part of the sale to show proof that they have absolute rights to the title of the property.
A Quitclaim Deed only states the interest the grantor (the person who is transferring the property to someone else) has in the property, and does not guarantee that the property is free from interests held by other people.
A Warranty Deed ensures that the title to a property is free from liens, debts, and any other interests that could be held by others.
A Quitclaim Deed is generally used to transfer real estate between known parties, such as family members or spouses, where the extra layer of protection that a Warranty Deed provides may not be needed.
For instance, if the owner of a property has divorced, they could use a Quitclaim deed to remove their former spouse's name from the property title, and add the new spouse's name (if applicable).
A Warranty Deed simply guarantees that the title of a property is free from any interests held by others at the time of the property sale. A Deed of Trust ensures neutrality between a borrower and lender by adding a neutral third party to the transaction, called a trustee (usually a separate legal entity like a title company).
In a transaction where a Deed of Trust is used, a lender is loaning money to a borrower so that the borrower can purchase a property. However, a Deed of Trust transfers ownership of the legal title to the property to a neutral trustee until the borrower completely pays off the loan.
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