The New Jersey Royalty Deed with Limited Warranty is a legal document used to transfer ownership of mineral rights, royalties, or other interests related to oil, gas, or mineral extraction in the state of New Jersey. This type of deed provides limited warranties or guarantees to the grantee, ensuring that the granter holds a valid interest in the property but does not provide a full guarantee against any potential defects in the title. The main purpose of the New Jersey Royalty Deed with Limited Warranty is to protect the grantee from any claims arising from the actions or omissions of the granter or the granter's predecessors in title. This type of deed establishes a certain level of assurance that the grantee will not suffer any losses due to the granter's inability to deliver or defend the title against any third-party claims. There are several types of New Jersey Royalty Deeds with Limited Warranty, each tailored to specific circumstances or categories of property. Some common variations include: 1. Oil Royalty Deed with Limited Warranty: This type of deed specifically relates to the transfer of oil royalties in New Jersey. It provides limited warranties to protect the grantee against any defects in the oil royalty title. 2. Gas Royalty Deed with Limited Warranty: Similar to the oil royalty deed, this deed focuses on the transfer of gas royalties in New Jersey. It offers limited warranties to ensure the grantee's protection against any potential title issues related to gas royalty interests. 3. Mineral Royalty Deed with Limited Warranty: This deed pertains to the transfer of mineral royalties, covering a broader range of minerals beyond just oil and gas. It provides limited warranties to safeguard the grantee against any defects in the mineral royalty title. Overall, the New Jersey Royalty Deed with Limited Warranty is a legally binding document that establishes the transfer of ownership for mineral rights and royalties in New Jersey. It acts as a form of protection for the grantee against potential title defects while not providing a complete guarantee against any future claims.
New Jersey Royalty Deed with Limited Warranty
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FAQ
A bargain and sale deed with covenant against grantor's acts provides the grantee with a covenant that the grantor has not committed any act that would encumber title to the real property being conveyed. This is the most common type of deed used in New Jersey.
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.
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.
A form of deed that transfers fee title and legal interests in New Jersey real property. A special warranty deed requires a grantor to warrant to the grantee and defend the property on the grantee's behalf only against claims arising by, through, or under the grantor.
Deeds are a legal document that transfers ownership in real estate. New Jersey recognizes multiple kinds of deeds: bargain and sale, quit claim, sheriff's deed, deed in lieu of foreclosure, special warranty, and general warranty deeds.
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.
