A specific type of conveyance document used in property transactions transfers ownership from a seller to a buyer. Unlike some other deed types, this instrument typically does not contain warranties or guarantees regarding the title’s history. It implies that the grantor possesses an interest in the property and has the right to transfer it, but it offers no assurance against encumbrances or claims from previous owners. For example, if an individual inherits property and then sells it using this type of document, they are essentially transferring their ownership without making any promises about the property’s title history.
The utilization of this method of conveyance can offer a streamlined transfer process, potentially reducing the time and expense associated with title examinations and insurance. Historically, it was employed to simplify transactions, particularly when the grantor had limited knowledge or control over the property’s past. Its application is beneficial when transferring property quickly and efficiently, or in situations where the grantor is unwilling or unable to provide extensive warranties. The reduced risk assumed by the grantor can be advantageous in certain circumstances.
