What is a Warranty Deed Review?
A warranty deed is a legal document for real estate transfers. It provides strong buyer protection because the seller guarantees that they are the rightful property owner and the property doesn’t have any claims or unpaid liens.
When a warranty deed has been drafted, you should review it carefully to ensure it’s legal and protects your interests.
Read the rest of this article to explore what terms are usually included in a warranty deed, how to review it, and why you should consult with a lawyer for assistance with the warranty deed review process.
What are Key Terms in a Warranty Deed?
Some of the most important components of a warranty deed include the following:
- Parties. Personal information of the grantor and grantee, such as their full legal names, should be included. It must match the information on closing documents.
- Property description. The deed must include information about the property, including its boundaries and specific location.
- Consideration clause. This is the amount of money exchanged for the property. It can include a nominal value for privacy reasons.
- Signature and notarization. The warranty deed must include the grantor’s signature and notarization.
- Delivery and acceptance. The warranty deed must be delivered to the buyer, who has to accept it prior to closing the deal.
- Encumbrances. These refer to possible restrictions on the property, such as liens.
- Restrictions. These limit how the property can be used.
What Should You Look for During a Warranty Deed Review?
When reviewing a warranty deed, there are important things to look for. Here’s a rundown of some of the most important.
Check for Identification Accuracy
Start the review by checking the parties’ information. Their names must be their full legal names. For the grantor, if multiple people own the property, all their names must appear on the deed for the transfer to be considered valid. For the grantee, if you’re buying the property with another person, both of your names have to be on the deed.
Review Property Details
The property description needs to be detailed. This can be achieved in different ways, such as:
- Metes and bounds. This system involves outlining the property’s boundaries by measuring landmarks, such as trees. It can help you if you’re dealing with an irregularly shaped property.
- Lot and block. When identifying properties in a subdivision, the lot and block system provides a map of local municipalities so you can see how the land is split into lots (each with their unique numbers) and blocks.
- Surveys. A survey is an image of the property that references measurements by a surveyor. It’s accurate, enabling you to spot any easements that could cause challenges with property usage.
Check it Against the Purchase Agreement
During your review, you should compare information in the deed with your purchase agreement so that all buyer and seller information is correct, the property details are accurate, and any exclusions or reservations are accurately reflected.
Ensure the Warranty Deed is Executed
Reviewing a warranty deed isn’t just about reading its terms. You also have to ensure it’s executed properly. Check that the deed has been signed by the grantor and any additional parties, and that it has been notarized.
When the buyer accepts the warranty deed, the document must be recorded with the local government at the county recorder’s office. By providing a public notice of the property transfer, it offers buyer protection against future claims.
How Can a Lawyer Help You with Warranty Deed Review?
Hiring a lawyer for a legal review of your warranty deed is advisable because they will scrutinize the document to ensure it is valid and protects your interests. Here are some ways in which a lawyer will assist you during the warranty deed review process.
- Verify legal ownership. A lawyer will confirm that the grantor has legal rights to transfer the property to the buyer.
- Spot title problems. They’ll use their expertise to identify potential issues such as liens or easements that could affect the property.
- Make revisions to the warranty deed. For example, if there are confusing or ambiguous phrases in the document, a lawyer will revise them to be clear and simple.
- Explain seller warranties. This serves to provide buyer protection.
- Check for hidden risks. Lawyers know how to spot red flags that you might not notice, protecting your interests and preventing future disputes.
- Meet all laws. A lawyer checks that the warranty deed is aligned with all requirements, which vary by jurisdiction.
- Explain your legal duties. Your lawyer will help you understand all your rights and duties so that there is no uncertainty.
- Prevent transaction delays. A lawyer will address any potential issues or inaccurate information before the deed’s recorded. This will prevent complications.
Where to Find a Lawyer for Warranty Deed Review
If you need to find a qualified lawyer to review your warranty deed, you should use an online legal platform that helps you find a reputable lawyer without having to ask around for recommendations or cold-call traditional law firms.
ContractsCounsel is one of the largest online legal marketplaces that gives you access to a network of vetted lawyers.
It’s easy to ask a lawyer on the platform to review your warranty deed. Follow these steps:
1. Visit the ContractsCounsel marketplace and post your project for free. Include a few details of what you require so you can match with the most suitable lawyers.
2. Wait for lawyer bids. Instead of searching for an experienced lawyer, you’ll receive multiple bids from lawyers directly on the platform who have the expertise to assist you.
3. Review the lawyer profiles. Once you receive lawyer bids, you should review the lawyers' profiles. The platform provides extensive lawyer data to help you choose the best lawyer, such as their location, years of experience, expertise, and client ratings for previous projects they’ve completed on the platform.
4. Connect with a lawyer and hire them to review your warranty deed so that it’s legally sound and clear.