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Warranty Deeds
There are several types of deeds; warranty, quit claim, tax, gift grant, and deed in lieu of foreclosure.
In Michigan, the grantor (seller) transfers title to the grantee (buyer) with a document called a warranty deed.
A warranty deed has three main guarantees:
1. The grantor states that he or she is the owner of the property and has not transferred ownership to any one else and has the right to sell it to you.
2. The grantor states the property is free of any encumbrances or liens (debts) other than those the seller has informed the buyer about.
3. The grantor promises to guarantee to the grantee against future title defects that might arise up to the date of the deed, even if defect was caused by prior owners.This guarantee may be of little value if the grantor has moved away, is unable to correct any problems, or is deceased. That is why Title Insurance is so important in every real estate transaction.
As with every real estate transaction, documents should be recorded at the county Register of Deeds. As the years go by, documents may be lost, stolen, or in any other way damaged. Recording is a safe guard to make sure these valuable documents are always available.
Having a warranty deed to your property with no liens or encumbrances provides a wonderful sense of security. It is all yours.
