What is a Statutory Warranty Deed?
A statutory warranty deed is a method for conveying real property. To "convey" property means to sell the property, or to transfer property from the grantor (seller) to the grantee (buyer). Real property, or real estate, encompasses land and buildings.
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Warranty Deed
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A warranty deed is a real estate law term, and is a method for conveying real property. The deed provides title warranties to the buyer. The seller or grantor agrees to defend the property against the claims of third parties.
Statutory Warranty Deed
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A statutory warranty deed is a type of warranty deed that is available in some states. It is called a "statutory" warranty deed because the form and duration of the deed are provided for in state statutes.
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Short-Term Deed
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A statutory warranty is generally a short-term deed that warrants that the seller has the right to sell the property, and will defend the title to the property.
Grant Deed
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Title insurance is now typically obtained for real property. This has lessened the need for warranties when real property is conveyed. Accordingly, some states have moved from using a warranty deed to using a grant deed for the conveyance of property. In a grant deed the seller informs the buyer that he has not conveyed the property to any other party.
Quit Claim Deed
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A quit claim deed is another method of conveying property. A quit claim deed does not provide any warranty that the seller owns the title to the property.
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