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Deed Forms Quit Claim, Warranty, and Special Warranty
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What is the difference between a warranty deed and a special warranty deed quizlet?
in general warranty deed, the promises made by the grantee only apply to events that occurred during the grantee's ownership of the property. C. in a special warranty deed, the promises made by the grantor only apply to events that occurred during the grantor's ownership of the property. -
What is the difference between warranty deed and special warranty deed?
A special warranty deed guarantees two things: The grantor owns, and can sell, the property; and the property incurred no encumbrances during his ownership. A special warranty deed is more limited than the more common general warranty deed, which covers the entire history of the property. -
In which of the following situations could a quitclaim deed not be used?
The person who transfers the property is the grantor, and the receiver is the grantee. However, a quitclaim deed makes no warranties about the validity of the property title. Therefore, the scenario in which a quitclaim deed could not be used would be Option 3: To warrant that a title is valid. -
Which of the following is a situation in which a quitclaim deed would likely be used?
Grantors generally use a quitclaim deed in specific situations, such as transferring property from a parent to a child, transferring property to a spouse in a divorce, or transferring the property into a living trust. You can also use a quitclaim deed to transfer property to an LLC. -
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. -
Which of the following is a quitclaim deed most generally used for?
A quitclaim deed is most often used for transferring property between family members, or to add or remove a person to the title, or or to cure a simple defect on the title, such as a mistake in an address or the misspelling of a name. -
Which of the following is not required for a deed to be valid?
Contrary to the law and established custom in other states, the expression “to have and to hold” (called the “habendum clause” of a deed) is not necessary, nor are witnesses or seal required. The deed should be dated, but this too is not necessary to its validity. -
In which of the following situations would a quitclaim deed not be used?
Final answer: A quitclaim deed could not be used to warrant that a title is valid. It can be used to convey title, release a nominal real estate interest, or remove a cloud on title, but it does not guarantee that the title is free of defects or claims.
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