warranty deed

[joseph44]

Hi Everyone,
Could someone explain a warranty deed laymans terms?Talked to
a seller about a lease option he was pretty savvy.Him or his family own quit
a few propertys.I searched public records could not find a motrgage for this
guy,only thing that shows is a warranty deed document.I'm wondering if this
guy is trying to take me for a ride.Thanks and have a good day!!

[dealmaker]

A warranty deed transfers all of a seller's rights and interest in a property. He WARRANTS that he actually owns what he is transferring. I'm not sure if Florida is a TRUST DEED state, but in TX a WD transfers interest from SELLER TO BUYER. A TD transfers the BUYER'S rights to the TRUSTEE. If there is no MORTGAGE, there would be no TRUST DEED, because the buyer wouldn''t have to put his rights and interests in TRUST.

Hope this helps.

BTW, for handy reference I use "Business Law-Principles and Cases" by Wyatt and Wyatt. It's about a 1986 edition from graduate school, should be able to find a copy in a used book store for a dollar or so. Newer ones might address some recent types of trusts, although that wouild more than likely be in a RE law book. The basics of business law don't change much.

dealmaker

[Dan Auito]

Joseph, you might have a title co do a search for you, and let them explain what they find. Tell them you will use them to insure the property if you indeed decide to buy it!