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What is a general warrenty deed?
A general warranty deed is a legal document used in real estate transactions that provides the highest level of protection to the buyer. It guarantees that the seller holds clear title to the property and has the right to sell it, while also ensuring that the property is free from any liens or encumbrances, except those explicitly stated in the deed. The seller also agrees to defend the buyer against any future claims to the title. This type of deed offers the buyer maximum assurance of ownership rights.
What is a limited warranty deed?
A limited warranty deed warrants the title only for any problems that occurred during the seller's ownership. It does not warrant the title for anything that happened prior to the seller's ownership of the property. A buyer can sue the seller under a general warranty deed for title defects that occurred during prior ownerships but not under a limited warranty deed.
Is Grant Bargain Sale Deed a Warranty Deed?
No. A bargain and sale deed is not the same as a warranty deed. The primary difference is that a bargain and sale deed does not guarantee that the seller holds clear title to the property.
The grantor of a warrenty deed dies do his heirs have to guarantee the deed?
No. The warranty comes from the grantor.
What is acceptable evidence of a marketable title in real estate?
A title examination that shows no title defects or other encumbrances, and, title to be in the seller is acceptable evidence of marketable title.
Bond for deed real estate contract?
"Contract for Deed" Seller financing. Title doe not pass thru to new buyer until all provisions are met in the contract . usuall a 3-7 year ballon payment is attached, once the seller is paid off title is transferred.
What can do have quit claim deed to home seller died never rec title what can do?
If you have a quitclaim deed but never received the title after the seller's death, you may need to go through probate to transfer ownership legally. Contact the executor or administrator of the seller's estate to discuss the transfer of title. If necessary, consult with a real estate attorney to ensure that all legal requirements are met and to help you navigate the probate process.
What is a contract by deed?
You may be thinking of a contract FOR deed. These should be avoided due to complexity of the law, but it is when the seller keeps title to the property until the sales price is fully paid.
Do you need title insurance if you have a warranty deed?
You need title insurance to protect your title, but the person who SOLD you the warranty deed should pay for the insurance and provide proof that he or she has obtained title insurance that will pay the costs they will incur if the title is defective.Otherwise, you're stuck with a worthless warranty deed and may be left trying to sue the seller who has no money to pay for anything, let alone restitution or other damages.
Who pays the taxes in a lease option?
The Seller is to pay the taxes until the deed/title has been changed over to lessee/buyer name
What does WD mean in real estate?
In real estate, "WD" typically stands for "Warranty Deed." A warranty deed is a legal document that guarantees a property title is clear of any liens or encumbrances, ensuring that the seller has the right to transfer ownership to the buyer. It provides the highest level of protection to the buyer, as it includes warranties from the seller regarding the title's validity.
If a property is destroyed before the closing takes place who takes the loss - buyer or seller?
The legal owner must cover the loss. The property should be insured by the legal owner, the seller, up until the time when the deed is recorded. The buyer has no title until the deed is recorded. Once the deed is recorded the buyer's insurance becomes operative.
