Understanding Your Need for a General Warranty Deed
Considering Real Estate in Chicago? Get a General Warranty Deed3 min read
If you're considering buying a home orother real estate property in Chicago, having a general warranty deed should be at the top of your list of things to consider. A general warranty deed is a legal document that guarantees that if you buy the property, you are receiving full and complete ownership of the property, free and clear of any prior claims or liens. Understanding the importance of a general warranty deed and knowing how to secure one is essential for anyone buying real estate.
What Is a General Warranty Deed?
A general warranty deed is an instrument that is used to convey real estate property from the seller to the buyer. Under a warranty deed, the buyer is guaranteed to receive full and complete ownership of the property without any claims from a previous owner or any encumbrances or liens. The deed, therefore, serves as a form of insurance for the buyer, as the seller must guarantee a defect-free title to the property.
What Are the Provisions of a General Warranty Deed?
The provisions of a general warranty deed vary by state, but in general, the warranty deed must include the following information:
Seller's name and the buyer's name.
A full and accurate legal description of the property and any adjoining parcels.
A clause stating that the seller (and any prior owners) has full and clear title to the property, and will defend the buyer against any and all claims to the property.
A clause stating that the buyer will hold the seller harmless in the event that any claim to the property surfaces later.
The signature of the seller and, if required, a witness.
When creating a general warranty deed, it's important to make sure that all of the necessary information is accurately included in the document. It's important to work with a legal professional to ensure that all of the necessary legalities are fulfilled and that the deed contains the adequate legal wording.
What Are the Benefits of a General Warranty Deed?
The primary benefit of a general warranty deed is the peace of mind that comes with knowing that you are receiving full and clear title to the property. The deed also provides recourse in the event that any claims to the property surface after the purchase. Additionally, a general warranty deed is typically required when obtaining a loan secured by real estate, so it's an essential document if you're planning on financing the purchase.
How to Secure a General Warranty Deed
The process for securing a general warranty deed can be divided into three steps:
First, you'll need to complete title searches on the property to make sure that there are no prior claims or encumbrances on the property. This is typically done by hiring a title company.
Next, you'll need to have the seller execute the deed. This should be done in the presence of a notary.
Finally, you'll need to record the deed at the local courthouse. The deed should be recorded in the county where the real estate property is located.
In order to ensure that the deed is properly drafted and validly prepared and executed, it's essential to work with a local real estate attorney experienced with general warranty deeds. A knowledgeable lawyer can help you with all of the necessary steps to secure a general warranty deed for your real estate purchase.
When looking for experienced attorneys to help with your real estate purchase and securing a general warranty deed, look no further than UpCounsel. Whether you need a one-time consult or an entire freelance legal department, UpCounsel's network of experienced lawyers has you covered. From small businesses to the Fortune 1000, groundbreaking companies of all sizes trust UpCounsel and its attorney community to provide high quality, cost-effective legal services. Access to high quality attorneys on demand, business attorneys have an average of 14 years of experience, and profiles of our online attorneys display client ratings and reviews of recent work. With UpCounsel, you can rest assured that your general warranty deed is properly drafted and securely in place.
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