A general warranty deed is a legal document that is used to transfer interest or ownership of a property to a new owner. This transfer is done based on a sales price that has been agreed upon by both parties and guarantees that the property is free from any liens.
General warranty deeds are also used to protect the buyer of a property from any issues related to the property's title that could arise, regardless of when the defect could have occurred. A general warranty deed may also be referred to as a grant deed or a full warranty deed.
In order to obtain a general warranty deed, the parties need information that includes the legal description of the property, the property address and its parcel number. The general warranty deed must also include the names and addresses of all involved parties, detailed information about the party that receives the original deed and information about exchanges of money associated with the property transfer. The state and county where the general warranty deed is signed is also required.
Circumstances that could result in the use of a general warranty deed include transferring ownership of property to a trust, finalizing the purchase of properties between two parties and buying and selling property as a business owner.