Real Estate Tips: What is a Warranty Deed?
Reta Chin from Fidelity National Title and Escrow shares her tips on warranty deeds and the transfer of a real estate property if you are a buyer or a seller in the transaction.
A warranty deed is the legal document that is used to transfer or convey the rights of a real property – here in Hawaiʻi – from the grantor, the seller to the grantee, the buyer.
If you are a buyer or a seller in the transfer of a real estate property transaction:
- Make sure that your names in the warranty deed that has been drafted by a Hawaiʻi attorney are spelled correctly before signing
- Make sure that the vesting or how you are going to hold title is correct – husband and wife, individual, LLC or corporation
Why? Because the warranty deed is recorded at the Bureau of Conveyances. So, if in the future there are errors – spelling, etc. – you are going to get to fix the errors. If the property is recorded in land court, that means, you gotta get to petition the court which takes time and money.