General Warranty Deeds; Limited Warranty Deeds; and, Non-Warranty Deeds. General Warranty Deeds. In a General Warranty Deed, the seller usually gives four warranties regarding the land to the buyer. The seller warrants to the buyer that: The seller has the right to convey the real estate.
Using the word “general” distinguishes a general warranty deed from other deeds that provide a limited warranty, like special warranty deeds, statutory warranty deeds, or limited warranty deeds. As a practical rule, though, the terms warranty deed and general warranty deed are interchangeable.
A deed must state a joint tenancy in most cases. For example, placing the words "as joint tenants" after the names of the new owners on a deed will create a legal joint tenancy. If two or more people take title on a deed without specifying a joint tenancy, their tenancy is usually presumed as tenants in common by law.
Joint tenants with right of survivorship (JTWROS) is a type of brokerage account owned by at least two people, where all tenants have an equal right to the account's assets and are afforded survivorship rights in the event of the death of another account holder.
Sole Ownership: Property is owned entirely by one person. Words in the deed such as "John, a single man", establishes title as sole ownership. Tenants in Common: Property is owned by two or more persons at the same time.
A property held by tenants in common can be owned by two owners or 100-plus owners. Sometimes this type of title is referred to as a tenancy in common. Lender Issues and Financed Property Most lenders require that mortgage documents include the signatures of all the parties who hold title in a tenants in common property.