A statutory warranty deed is a type of deed used to transfer real estate in Washington State. It provides the highest level of protection for the buyer, as it guarantees that the seller is the lawful owner of the property and that the title is free of any liens or encumbrances. In addition, it also states that the seller will indemnify the buyer in the event that any defects in title arise after the sale. In this article, we will discuss the key elements of a statutory warranty deed in Washington State and the benefits of using it.
What Is a Statutory Warranty Deed?
A statutory warranty deed is a document used to transfer ownership of real property from one individual (the “grantor”) to another (the “grantee”). It is considered the most secure form of conveyance because it guarantees that the grantor owns the property and has the right to convey it. It also states that the grantor will defend the title against any third-party claims.
In addition, a statutory warranty deed also provides the grantee with certain protections. It guarantees that the title is free of any encumbrances or liens, and that the grantor will indemnify the grantee for any losses incurred due to defects in the title.
Elements of a Statutory Warranty Deed
A statutory warranty deed must include several elements in order to be valid in Washington State. These include:
- The names of the grantor and grantee;
- A legal description of the real property being conveyed;
- A statement that the grantor is the lawful owner of the property and has the right to convey it;
- A statement that the title is free of any liens and encumbrances;
- A provision that the grantor will indemnify the grantee for any losses incurred due to defects in title;
- A statement that the deed is “in accordance with the laws of the State of Washington”; and
- The signatures of the grantor and grantee.
Benefits of a Statutory Warranty Deed
Using a statutory warranty deed provides both the grantor and grantee with certain advantages. For the grantor, it provides protection against potential claims from third parties. For the grantee, it guarantees that the title is free of any liens or encumbrances, and that the grantor will indemnify them for any losses incurred due to defects in the title.
In addition, a statutory warranty deed is considered the most secure form of conveyance in Washington State. As such, it gives the grantee peace of mind that they are receiving clear title to the property and that any potential risks are minimized.
Conclusion
A statutory warranty deed is the most secure form of conveyance in Washington State. It guarantees that the seller is the lawful owner of the property and that the title is free of any liens or encumbrances. In addition, it also states that the seller will indemnify the buyer in the event that any defects in title arise after the sale. Both the grantor and grantee benefit from the use of a statutory warranty deed, as it provides protection against potential claims and guarantees that the title is free of any encumbrances.
