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Authority to Release of Deed of Trust

Special Warranty Deed Vs Quit Claim Deed In North Carolina

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

Control #:

US-00186

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Description

This form is an Authority to Release. The county clerk is authorized and requested to release from a deed of trust a parcel of land to the executor of the estate. The form must be signed in the presence of a notary public.

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FAQ

Unlike a general warranty deed, a quitclaim deed does not offer any warranties or guarantees regarding the title of the property. Choosing a quitclaim deed in a real estate transaction can be a strategic decision based on specific circumstances and relationships between the parties involved.

A special warranty deed is a type of real estate deed used to transfer property ownership from one person to another. By using this particular deed, the seller is guaranteeing to the buyer that there are no defects or problems with the property title during the time that they owned the property.

Unlike a warranty deed or special warranty deed, a quitclaim deed makes no assurances whatsoever about the property. The Grantor is not promising that title is clean; in fact, the Grantor isn't even promising that he or she owns the property!

Special Warranty Deeds are frequently used in commercial real estate transactions and foreclosure sales. In commercial transactions, sellers might prefer this type of deed to limit their liability to issues they directly caused.

Potential Risks for Buyers Special warranty deeds provide limited protection, exposing buyers to potential risks. Buyers may inherit claims or issues that occurred prior to the seller's ownership.

You can sell as a warranty deed... but this means you are warranting clean title and the buyer can come back to you, you should only provide a warranty deed if there's a title company/title insurance being purchased.

The seller warrants these covenants to the buyer against any claims made by any person from the beginning of time. In contrast, the seller in a special warranty deed only warrants title against any person who claims to have title to the property by, through, or under the seller.

What is a Special Warranty Deed for North Carolina Homes? A special warranty deed — also referred to as a limited warranty deed — is used when the seller of a property can only guarantee no outstanding claims or liens incurred during their time of physical ownership.

Key Features of a Special Warranty Deed The seller only warrants against issues that arose during their period of ownership, not before. This contrasts with a General Warranty Deed, which covers the entire history of the property. ALSO READ How to Transfer Property Title to a Family Member in California.

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The quitclaim deed in North Carolina is also referred to as a nonwarranty deed. With a quitclaim deed, the grantor is saying that they are transferring to the grantee any interest they currently have in the property.Both the quit claim deed and the nonwarranty deed only transfer your interest in the property you are not making any other promises or 'warranties'. A quitclaim deed is the least protection for an owner. There is no guarantee about what the owner may have done to encumber the title to the property. Unlike a general warranty deed, a quitclaim deed does not offer any warranties or guarantees regarding the title of the property. Instead, quitclaim deeds are used when there is a property transfer outside of a real estate sale. In North Carolina, there are three main types of deeds used to transfer property ownership. These include grant deeds, warranty deeds, and quitclaim deeds. North Carolina lawyers often use non-warranty deed and quitclaim deed as synonyms, and there is little practical difference between them.

Special Warranty Deed Vs Quit Claim Deed In North Carolina

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FAQ

What is the difference between a warranty deed and a quit claim deed in NC?

Why would someone need a special warranty deed?

Is a special warranty deed the same as a quitclaim deed?

Why would a seller want a special warranty deed?

What are the disadvantages of a special warranty deed?

Can I sell my house with a special warranty deed?

What is a special warranty deed in North Carolina?

What is a North Carolina special warranty deed?

What is a special warranty deed?

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