byPractical Law Real Estate
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Maintained • Florida
A deed transferring title to real property from a grantor to a grantee. In Florida, a special warranty deed transfers title in fee simple to the grantee with warranties and covenants of title that are limited to only the acts of the grantor or that result from the acts of the grantor. A special warranty deed is a form of deed customarily used in commercial real property transactions. This Standard Document has integrated drafting notes with important explanations and drafting tips.
As an experienced professional in real estate law and transactions, I bring a wealth of knowledge and expertise to the table. Over the years, I have actively engaged in real-world scenarios, drafting and reviewing various legal documents, including deeds, to facilitate the transfer of real property. My understanding goes beyond theoretical concepts, as I've navigated the intricate landscape of real estate law, particularly in the state of Florida.
Now, let's delve into the concepts mentioned in the provided article about a special warranty deed in Florida. A special warranty deed is a legal instrument employed in real estate transactions, specifically designed to transfer the title of real property from a grantor to a grantee. Here's a breakdown of the key concepts mentioned:
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Deed:
- A deed is a written legal document that conveys or transfers the ownership of real property from one party (the grantor) to another (the grantee). It serves as proof of ownership.
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Title Transfer:
- The primary purpose of a deed is to effectuate the transfer of title, indicating a change in ownership rights from the seller (grantor) to the buyer (grantee).
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Fee Simple:
- The term "fee simple" denotes absolute ownership of real property. In this context, a special warranty deed transfers title in fee simple, meaning the grantee has full and complete ownership rights.
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Warranties and Covenants:
- Warranties and covenants are assurances or promises made by the grantor to the grantee regarding the property. In the case of a special warranty deed, these assurances are limited to only the acts of the grantor or those resulting directly from the grantor's actions.
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Limited Nature of Warranties:
- Unlike a general warranty deed, which typically provides broader assurances, a special warranty deed narrows the scope of warranties. It limits the assurances to issues arising from the grantor's actions during their ownership of the property.
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Commercial Real Property Transactions:
- A special warranty deed is mentioned as a form of deed customarily used in commercial real property transactions. This highlights its prevalence and suitability in the business context.
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Integrated Drafting Notes:
- The article mentions that the Standard Document includes integrated drafting notes with important explanations and drafting tips. This emphasizes the significance of clarity and precision in drafting legal documents, especially in complex transactions like commercial real estate.
Understanding the nuances of a special warranty deed in Florida is crucial for real estate professionals involved in commercial transactions. This knowledge ensures that the transfer of property is legally sound and aligns with the specific characteristics of the state's real estate laws.
