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What is a limited deed?
A limited warranty deed is a legal document that transfers ownership of real property from one person or organization, known as the granter, to another, the grantee. The deed does not offer any guarantees about the condition of the title from the time period before the granter took ownership.
What is the difference between a limited warranty deed and a warranty deed?
While a general warranty deed guarantees against all encumbrances and claims to title, a limited warranty deed protects only against claims made after the seller obtained title to the property. A limited warranty deed therefore makes no guarantees about anything that occurred before the seller owned the property.
What does a limited warranty deed mean?
A limited warranty deed is a legal document that transfers ownership of real property from one person or organization, known as the granter, to another, the grantee. The deed does not offer any guarantees about the condition of the title from the time period before the granter took ownership.
Does a warranty deed mean you own the property?
A warranty deed is a document often used in real estate that provides the greatest amount of protection to the purchaser of a property. It pledges or warrants that the owner owns the property free and clear of any outstanding liens, mortgages, or other encumbrances against it.
What is the purpose of a warranty deed?
A warranty deed is a type of deed where the granter (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer), in contrast to a quitclaim deed, where the seller does not guarantee that he or she holds title to a piece of real estate.
What is the difference between a statutory warranty deed and a special warranty deed?
A statutory warranty deed is different from a warranty deed because it is a shorter form made available through your state's statutes, and it may not outright list the promise that the title is guaranteed to be clear. Instead, because it is a statutory form, this guarantee is implied and is still legally enforceable.
Why would you use a special warranty deed?
A special warranty deed provides assurance that the property's seller owns the property in question and has not faced any title issues during this ownership. A special warranty deed guarantees that the buyer won't face any legal action or title issues as a result of the actions of the property's previous owner.
When would you use a special warranty deed?
Special Warranty Deed Special warranty deeds are often used by builders because they only owned the property for a short period of time during construction and don't want to make promises as to the prior owners.
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