And GRANTORS Warrants that the Title is Good, Indefeasible in Fee Simple and and Form
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People also ask
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What is the main purpose of a warranty deed?
A warranty deed protects the buyer and ensures that the seller holds a free and clear title to a property without any outstanding liens or mortgages. A warranty deed is a legal real estate document and protects the buyer against future claims to the title of the property.
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Which deed merely implies but does not specifically warrant that the grantor holds good title to the property?
Final answer: A Quitclaim Deed is a type of deed that implies but does not specifically warrant that the grantor holds good title to the property. This type of deed merely transfers whatever ownership interest the grantor has, with no guarantees or warranties.
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What is the most common type of warranty deed?
A general warranty deed is the most common type of deed used for transferring real estate. It basically promises that: not only does the seller have good and proper title to sell the property, but all the prior owners also had good title, thus making a complete “chain of ownership”; and.
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What is a fee simple Defeasible title?
In a fee simple defeasible situation, ownership is dependent upon the buyer meeting specific conditions, which are clearly spelled out by the seller in the contract. If the buyer violates these conditions at any point, then the property could legally revert back to the seller, or to a specified third party.
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Which covenant in a warranty deed states the grantor possesses a fee simple interest with the right to convey the property?
Covenant of Seisin: A covenant that the grantor has an estate (or the right to convey an estate) of the quality and size that the grantor purports to convey (i.e., the grantor has both title to and possession of the property at the time of conveyance to the grantee).
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Which type of deed is used by a grantor?
The grant deed is used when a person who is on the current deed transfers ownership or adds a new owner. The grantor (donor or seller) promises that all rights to the property are being transferred—there are no hidden owners or easements.
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What are the disadvantages of a special warranty deed?
Cons: Fewer protections for buyers, who are now responsible for addressing any previous liens or claims for the property. Lenders and title companies may refuse to help buyers secure financing or title insurance for a property sold under special warranty.
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What is a deed in which the grantor warrants title against all people?
Under a general warranty deed, the grantor warrants and covenants to defend title against claims and demands in the subject property by all parties claiming rights arising prior to the transfer, whether caused by grantor or otherwise.
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