A North Carolina Mineral Deed with Limited Warranty is a legal document that transfers ownership rights of minerals, such as oil, gas, coal, or other natural resources, from the current owner, known as the granter, to the recipient, known as the grantee. This type of deed is commonly used in real estate transactions involving land in North Carolina that contains mineral rights. A Mineral Deed with Limited Warranty provides limited guarantees or assurances to the grantee regarding the mineral rights, specifically in regard to the granter's ownership and the absence of any outstanding claims or encumbrances. Unlike a General Warranty Deed, which provides a comprehensive guarantee of clear and marketable title, a Limited Warranty Deed only includes warranties related to the granter's actions. The Limited Warranty Deed is often used when the granter is not willing to assume the responsibility for any potential defects, claims, or liens on the property's mineral rights that may have arisen prior to their ownership. With this type of deed, the granter only guarantees that they have not personally done anything to harm or impair the title, but they do not offer any guarantees regarding previous owners. There are no specific subtypes or variations of North Carolina Mineral Deed with Limited Warranty, as it pertains to the scope and extent of the warranties provided by the granter. However, it is essential to note that the specific terms and conditions, as well as any additional provisions, can be negotiated and customized between the parties involved in the transaction. It is crucial for both the granter and grantee to review the deed carefully and consult with legal professionals to ensure their interests are adequately protected. In conclusion, a North Carolina Mineral Deed with Limited Warranty is a legal instrument used to convey mineral ownership rights. It provides limited assurances regarding the granter's ownership and the absence of any claims or encumbrances on the mineral rights. While there are no specific variations of this type of deed, its terms and conditions can be customized to suit the parties' needs.
North Carolina Mineral Deed with Limited Warranty
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FAQ
In a Non?Warranty or Quitclaim Deed, the seller merely is giving the buyer whatever rights, if any, that the seller has in the property and the seller makes no warranties of any nature about the seller's rights in the property.
A traditional deed simply transfers the ownership of a property from one party to another (in other words, the seller to the buyer.) Whoever legally holds the deed is the rightful owner of the property. A warranty deed, on the other hand, contains special assurances that the seller makes to the buyer.
Both a warranty deed and deed of trust are used to transfer the title of a property from one person to another. However, the difference between these two contracts is who is protected. As you now know, a deed of trust protects the beneficiary (lender). A warranty deed, on the other hand, protects the property owner.
There are three types of deeds in North Carolina and each offer different types of protection. The three deeds are: (1) general warranty deed, (2) special warranty deed, and (3) quitclaim deed.
A special warranty deed?also known as a limited warranty deed?is a variation of the general warranty deed. While the word "special" may communicate to a buyer the idea that the deed is of higher quality, the special warranty deed is less comprehensive. It offers less protection due to the limited timeframe it covers.
A General Warranty Deed is a deed in which the party conveying the property (the ?Grantor?) warrants and guarantees to the party receiving the conveyance (the ?Grantee?) that the title to the property he is conveying is good and unencumbered as against all persons.
Without the deed, ownership will not transfer from the seller to the buyer. All deeds are not the same. There are three types of deeds in North Carolina and each offer different types of protection. The three deeds are: (1) general warranty deed, (2) special warranty deed, and (3) quitclaim deed.
This special warranty deed is different than the general warranty deed in a major way. Here, the seller is only stating that they will protect the buyer from any title defects or claims arising during the seller's ownership, not from any point in time before the seller had ownership.
