Warranty Deed Hide Alternative Choice For Free

A North Carolina special warranty deed is used to convey property from a grantor (seller) to a grantee (buyer) with a limited guarantee that there are no liens or encumbrances on the title during the grantor's ownership. Although, the deed does not guarantee clean title from past owners.

A warranty deed or quit claim deed TRANSFERS TITLE or OWNERSHIP of real property. When you purchase property, you usually receive a warranty deed from the seller to you to show that you now own the property.

While the seller in a Warranty Deed must defend the title against all other claims and compensate the buyer for any unsettled debts or damages, the seller in a Special Warranty Deed is only responsible for debts and problems accrued or caused during his ownership of the property.

Warranty Deed, also referred to as a Quitclaim Deed, is one that purports to convey only the grantor's present interest in the land being conveyed, if the grantor has any interest. There is no warranty from the grantor, but merely transfers whatever interest the grantor may have in the land described.

A general warranty deed is the gold standard of property transfers. This type of deed is overwhelmingly used in residential purchases. Most lenders require a warranty deed for properties they finance. It offers buyers the greatest possible protection from future claims against the title.

The majority of transactions call for general warranty deeds because the buyer will want assurances that he or she is getting good and proper title to the property. To do this, the buyer will normally obtain a full title search and title insurance.

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.

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.

Following is the list of the warranties that the law treats as implied in the contract of sale:Warranty As To Undisturbed Possession.The Warranty As To Non-Existence Of Encumbrances.Warranty As To The Disclosure Of Dangerous Nature Of Goods.The Warranty As To Non-Existence Of Encumbrances.More items...

It's also important to point out that there are two types of warranty deeds that offer different levels of protection to the buyer and risk to the seller. These two types of deeds are general warranty deeds and special warranty deeds.