What is a Warranty Deed?
A general warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece or real estate and has a right to sell it to the grantee (buyer). The guarantee is not limited to the time the grantor owned the property, it extends back to the property's origin.
Colorado Warranty Deeds provide promises or guarantees from the seller that he or she is the owner of the property, has a right to convey the property, and that the property is free and clear of liens and other types of encumbrances on the property.
There are two different types of Warranty Deeds, general and special. A General Warranty Deed warrants title for the entire life of the property. A Special Warranty Deed only warrants title relative to the time that the current owner has owned the property.
In a situation where there are two or more Grantees specified in a Deed, the type of tenancy desired must be specified. If the parties hold title as “joint tenancy” then upon the death of the co-owner, the interest of this person would pass automatically to the surviving co-owner or owners (right of survivorship). Alternatively, if the parties hold title as “tenants in common,” then upon the death of a co-owner, the decedent’s interest passes to and through the decedent’s estate. Note that if the type of tenancy is not specified, under Colorado law, all co-owners are deemed to be tenants in common.