Several questions about drafting deeds for buying vs. selling (CASH DEALS).
When Buying: How do you determine which type of deed to draft up to send to the seller when acquiring a property? The videos in the course use a Grant, Bargain, and Sale Deed for a property in Nevada, and different types of deeds for other examples in different states. Also, Jill suggests using a Warranty Deed, when buying, which makes sense to me, as it would give the buyer the best title guarantees from the seller.
When Selling: How do your determine what type of deed to draft and send to the buyer when selling a property? Is it based on how “you” acquired the property yourself (former vesting deed)?
For a example, I received a Special Warranty Deed with the NM property that came with my purchase of the course. So when selling this property, I would NOT want to use a “Warranty Deed” and just use the same type of “Special Warranty Deed” or some other weaker type of deed when selling – correct?
Steve and/or Jill @admin @jilldewit – I found “Steve’s State Guide” on the reference DVD which indicates conveyance is normally completed with a Warranty Deed in AZ. Since we are both located and work in Arizona, do you sell land (without Title Insurance) using a Warranty Deed in AZ, if you originally acquired the property with a weaker type deed (special warranty deed, quick claim deed, etc)? If so, do you add any “Subject To” or “Exclusion” language in the Warranty Deed, to limit your “for all time” guarantees related to any old title issues on the property?
Hope all that makes sense, I am looking for advice/input from all members!
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