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A statutory warranty deed is a document that transfers ownership of a parcel of real estate. There are many such documents, so a statutory warranty deed has a precise legal definition.
Deed
By calling the document a deed, the reader knows that real property or land is being transferred.
Warranty
A warranty deed, in addition to transferring the property, also contains certain promises from the person transferring the property to the person receiving the property. These promises usually focus on guaranteeing that the person transferring the property is actually the owner and has the right to make the transfer.
Statutory
A statutory warranty deed, rather than reciting all of the various promises, contains those promises by reference to a statute, or law. This law spells out the various promises made by a transferor each time she transfers real property. In some jurisdictions, the statutory form must be used to guarantee that good title to real estate is being transferred.
Significance
The statutory warranty deed is important because it lets the buyer of real property be assured she is actually going to get possession of the real estate. By guaranteeing good title, right of ownership and use, and other promises included in the statutory warranty deed, the buyer has recourse against the seller if there is a problem with the title.
Contrast
The other commonly used type of deed is a quit claim deed. It makes no promises about what ownership rights the transferor has, and simply tells the buyer that whatever interest the seller has, the buyer is receiving.
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