Warranty Deed Subject to Debt

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Warranty Deed Subject to Debt Powered By Docstoc
					This is a document that transfers the title of real property from one party to another
subject to an encumbrance. This type of deed provides a guarantee that the transfer is
lawful, and requires the transferring party to defend against any claims of ownership.
However, the property is transferred along with a lien or encumbrance, such as a
vendor's lien or real estate lien. The debt instrument can be attached to this agreement
under "Schedule A." This document can be used by individuals or entities that want to
transfer the title of real property along with an encumbrance while providing a guarantee
of true and legal ownership.
                     WARRANTY DEED – Subject to Debt
       KNOW ALL MEN BY THESE PRESENTS THAT ________________ (the “Vendor”),
for the consideration of ____________ ($_______) Dollars now paid by ____________ (the
“Purchaser”) to the Vendor, the Vendor hereby sells, transfers and conveys to the Purchaser all
of the Vendor’s right, title and interest in and to the real property municipally known as
_________________________ [PROVIDE ADDRESS] (the “Real Property”) and legally
described as:




        THE PURCHASER ACKNOWLEDGES that the sale, transfer and conveyance by the
Vendor is subject to a certain Debt covering the Real Property, the particulars of such debt is
annexed hereto as Schedule “A” (attached copy of debt instrument) (the “Debt”). By the sale,
transfer and conveyance by the Vendor of the Real Property to the Purchaser, the Vendor and the
Purchaser acknowledge that the Debt shall not be assumed by the Purchaser.

       THE VENDOR SHALL SELL, TRANSFER AND CONVEY THE Real Property to the
Purchaser to have and to hold for the Purchaser’s own use together with the Purchaser’s heirs,
executors, successors and assigns, together with all easements, rights of way and all rights
contained therein.

        THE PURCHASER ACKNOWLEDGES that upon the Vendor’s sale, transfer and
conveyance of the Real Property to the Purchaser, the Debt covering the Real Property shall
remain in full force and effect until such time the Debt is paid in full by the Vendor and the
Vendor receives evidence of the Debt being discharged. Upon the Debt being discharged, the
sale, transfer and conveyance of the Real Property to the Purchaser from the Vendor shall
become absolute.

SIGNED, SEALED AND DELIVERED               )
in the presence of:                        )
                                           )
                                           )
                                           )
Notary Public                              )       Vendor {Signature}




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                                SCHEDULE “A”




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DOCUMENT INFO
Description: This is a document that transfers the title of real property from one party to another subject to an encumbrance. This type of deed provides a guarantee that the transfer is lawful, and requires the transferring party to defend against any claims of ownership. However, the property is transferred along with a lien or encumbrance, such as a vendor's lien or real estate lien. The debt instrument can be attached to this agreement under "Schedule A." This document can be used by individuals or entities that want to transfer the title of real property along with an encumbrance while providing a guarantee of true and legal ownership.
This document is also part of a package Real Estate Forms for your Business 46 Documents Included