LIMITED WARRANTY DEED-Lease Options

Limited Warranty Deed – What is it

The limited warranty deed is a document which is made between the state and the parties which are also referred to as Grantees. The state in exchange for cash and other considerations, acknowledges, grants, sells as well as bargains the property to the grantee. This means that the limited warranty deed only warrants the problems that have occurred when the seller has owned the property. It does not warrant for anything that has happened before the ownership of the seller. The buyer therefore can sue the seller under general warranty deed for those defects in the title which have taken place in prior ownerships but under the limited warranty deed he cannot sue the owner.

The limited warranty deed is when the bank has taken over the deed and notice is being given that the  deed is free from any sort of encumbrances and that is only for the time that it has been owned by the bank ad not before. Therefore, when it is bought, the lender requires a search on the title to ensure that there are no problems or else the problems need to be identified before the deal has been closed and agreed upon.

When the grantor is the state, then the state for its heirs as well as executors and administrators warrants and they defend the title as well as the rights of the property forever unto the grantee and the grantees’ heirs. Therefore this is a legal document which has a lot of importance as the next purchaser cannot sue the grantee for things which have transpired prior to the seller owning the property.

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LIMITED WARRANTY DEED

STATE OF GEORGIA

COUNTY OF ______________

This Indenture made this _______ day of _____________ 20_____ between ____________________ _____________________________of the County of _______________, State of Georgia, as party or parties of the first part, hereinunder called Grantor, and ____________________________________ as party or parties of the second part, hereinafter called Grantee (the words “Grantor” and “Grantee” to include their respective heirs, successors and assigns where the context requires or permits).

WITNESSETH that:  Grantor, for and in consideration of the sum of TEN AND 00/100’S ($10.00) Dollars and other good and valuable considerations in hand paid at and before the sealing and delivery of these presents, the receipt whereof is hereby acknowledged, has granted, bargained, sold, aliened, conveyed and confirmed, and by these presents does grant, bargain, sell, alien, convey and confirm unto the said Grantee,

TO HAVE AND TO HOLD the said tract or parcel of land, with all and singular the rights, members and appurtenances thereof, to the same being, belonging, or in anywise appertaining, to the only proper use, benefit and behoof of the said Grantee forever in FEE SIMPLE.

AND THE SAID Grantor, for it’s heirs, executors and administrators, will warrant and forever defend the right and title to the above-described property, unto the said Grantee, it’s heirs and assigns,  against the claims of all persons claiming by, through, or under Grantor herein.

IN WITNESS WHEREOF, Grantor has hereunto set Grantor’s hand and seal this day and year first written above.

Signed, sealed and delivered in the presence of:

_______________________________________        _____________________________________(Seal)
Witness

_______________________________________        _____________________________________(Seal)
Notary Public