A deed is a legal document critical to defining property ownership. If you need to transfer ownership of a property, it is important that you have an experienced, qualified real estate attorney draft the new deed.
The Daves Law Firm can assist you with:
Our process is quick and simple:
If you have questions about deed transfer or need other real estate legal assistance in Austin, Texas, please contact the Daves Law Firm to speak with an attorney.
There are many kinds of deeds commonly used in Texas. Some deeds are intended for general use and others for special purposes.
General warranty deed:
Under a general warranty deed, the seller guarantees that title is good all the way back to the sovereign. When a seller gives a general warranty deed, the seller is guaranteeing that not only has he not caused title to the property to be jeopardized, he is also giving personal assurance that his chain of title is good, all the way back to the sovereign (usually the State of Texas). As such, if there is a title problem, the buyer can not only sue his own title company, he can also sue the seller and possibly recover against the seller’s title policy. This could come in handy if the buyer’s coverage is insufficient to cover the loss, the buyer’s title company goes out of business, or the buyer’s insurer refuses to pay by reason of a defense to coverage.
Special Warranty Deeds:
One of the common real estate deeds is the special warranty deed. Under a special warranty deed, the seller is only guaranteeing that he didn’t do anything to mess up the title, instead of warranting the entire chain of title, as is done with a general warranty deed. Tthe seller is guaranteeing that he has not caused title to be jeopardized, such as by failing to pay taxes, or selling the property twice, or granting an option to a third party, or allowing a judgment or lien against the property.
Special warranty deeds are commonly used for commercial property. Organizations in the business of purchasing and selling property use this deed form to confine their warranties to their own acts. They will generally try to avoid giving a deed extending warranties to the acts of their predecessors in title (i.e., a general warranty deed).
Special warranty deeds are also commonly given by executors and administrators of decedent’s estates during probate administration. There is authority that a personal representative of an estate may only give a special warranty in a deed. The policy of this law is to require an estate to be administered and the administration closed with as little delay as possible. To permit the administrator to bind the estate by a general warranty would be to impose a new contingent liability upon the estate and to delay indefinitely the close of the administration. As a result, an administrator of an estate cannot bind the estate by a general covenant of warranty, but can only convey the interest of decedent in the property belonging to his estate.
A correction deed operates to correct errors in a prior executed deed. While these irregularities could be remedied by executing a second deed or quitclaim release, a correction deed may be preferable where the parties desire that the effective date of conveyance be the date of execution of the first deed. Correction deeds are often used to correct property descriptions or typographical errors. A correction deed may be used only to correct facial imperfections, such as a defective description of the grantor's capacity or a defective description of a single property when a deed recites inaccurate metes and bounds
A correction deed may not be used when the intent is to change the nature or legal effect of the original transaction, rather than to correct a deed in accordance with the original transaction.
Transfer on Death Deed:
The Texas Estates Code authorizes deeds that transfer property upon the death of the transferor. An individual may transfer the individual's interest in real property to one or more beneficiaries effective at the transferor's death by a transfer on death deed.
Transfer on death deeds are revocable. The transferor can revoke the deed at any time.
The proper execution and filing of a transfer on death deed to a Medicaid beneficiary's homestead may defeat an effort by the Texas Department of Aging and Disability Services to recover those benefits under the Medicaid Estate Recovery Program (“MERP”) following the recipient's death
Copyright © 2021 The Daves Law Firm - All Rights Reserved.