Ask Experts Questions for FREE Help !
Ask
    Shaneorock's Avatar
    Shaneorock Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Sep 26, 2009, 09:52 PM
    What does a warranty deed mean?
    I recently had a business partner file a Warranty Deed in just his name to A joint owned property with the original Deed Stating Joint rights of survivorship listing both of our names and I would like to know what this means?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Sep 26, 2009, 10:41 PM

    A warranty deed guarantees that the title is free and clear.

    If the property was originally titled as joint with right of survivorship in both your names, he can't change the title without both signatures.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
    Expert
    		  
    #3

    Sep 27, 2009, 05:52 AM
    From what you've said here it sounds like your business partner transferred property he owned to himself and a new owner.

    By using a warranty deed to make the transfer, he was guaranteeing to the new owner that title was clear and if there were any liens or other claims to the property he would be responsible for removing them.

    If he transferred the property to the new owners as joint tenants with right of survivorship, that means that if one of the new owners dies, the other owner would receive all of his late partner's share and would then own 100% of the property. If he had not used joint tenants WROS then the new owners would be tenants in common and if one of them died, his share of the property would become part of his estate and his heirs would take over his share.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Getting a warranty deed if purchased with only a quit claim deed [ 1 Answers ]

My question is regarding a quit claim deed on a property. If a home is purchased very cheap but only has a quit claim deed not a warranty deed. Can a warranty deed be acquired? Or will it always be sold under quit claim deed. Any way to get a warranty deed for a property? Thanks

Warranty deed versus mortgage deed [ 1 Answers ]

What deed is given when there is a mortgage on the property

Special warranty deed and quit claim deed what are they? [ 6 Answers ]

What is the difference bewtween the two and what is the purpose?

Difference between a warranty deed and a limited warranty deed? [ 1 Answers ]

What is the difference between a warranty deed and a limited warranty deed?

View more questions Search