Warranty Deed from Limited Partnership or LLC is the Grantor, or Grantee Kentucky Form
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People also ask
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What is a deed that protects the grantee by providing several enforceable warranties?
A warranty deed is a legal real estate document and protects the buyer against future claims to the title of the property. Most lenders require a warranty deed for properties they finance. The seller of a property is known as the grantor and the buyer is referred to as the grantee.
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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 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 the difference between a warranty deed and a limited warranty deed?
The limited warranty deed would prevent the Grantee from being able to hold the Grantor responsible for that title defect that arose before the Grantor originally took the title. It's a shorter period of time and it's a better conveyance for a seller than a general warranty deed.
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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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What is a special warranty deed in Kentucky?
A special warranty deed is a deed to real estate where the seller of the property—known as the grantor—warrants only against anything that occurred during their physical ownership. In other words, the grantor doesn't guarantee against any defects in clear title that existed before they took possession of the property.
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What does a limited warranty deed mean?
A limited warranty deed transfers legal title to real property. However, this type of deed does not promise clear title; it only guarantees the title for the period during which the grantor owned it. Despite this, it is useful in some situations. Find out more about real estate and business. by Brette Sember, J.D.
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