Easily Replace Option Choice to the Warranty Deed

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How to Replace Option Choice to the Warranty Deed

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In this video, attorney Robert Flesses addresses a question from a viewer, Gina, regarding the transition from a quitclaim deed to a warranty deed after purchasing a foreclosure. Flesses explains that a quitclaim deed transfers only the seller's interest in the property at the time of sale, and that it is not possible to convert a quitclaim deed into a warranty deed. He emphasizes that the quitclaim deed only grants the rights the seller held, without any additional assurances or guarantees of title. The video serves to clarify misconceptions about the nature of these two types of deeds in real estate transactions.

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What is the meaning of a quitclaim?

: to release or relinquish a legal claim to. especially : to release a claim to or convey by a quitclaim deed. quitclaim noun.

What does covenants mean in title?

covenant of title (plural covenants of title) (law) In the law of real property, a guarantee made by the seller of a parcel of land to the buyer of that parcel regarding the legal status of the title.

What covenant is found in a deed?

A covenant for title that comes with a deed or title to the property assures the purchaser that the grantor has the ownership rights that the deed purports to convey. Non-compete clauses in relation to contract law are also called restrictive covenants.

Which type of deed carries five covenants with it?

The difference between a general warranty deed and a bargain and sale deed is that the general warranty deed has all five covenants and warranties for assurance against defects for the time period of all previous owners. The bargain and sale deed has no covenants or warranties for any period of time.

What are the 6 covenants in a deed?

There are up to six express covenants that may be found in a deed: the covenant of seisin, the covenant of the right to convey, the covenant against encumbrances, the covenant of quiet enjoyment, the covenant of general warranty, and the covenant of further assurances.

What is another name given to a special warranty deed?

Special warranty deeds go by many names in different states, including covenant deed, grant deed, and limited warranty deed. The guarantee covers only the period when the seller held title to the property with a special warranty deed.

What is the meaning of bargain and sale deed?

A bargain and sale deed indicates that only the seller of a property holds the title and has the right to transfer ownership. This type of deed offers no guarantees for the buyer against liens or other claims to the property, so the buyer could be responsible for these issues if they turn up.

Which type of deed offers the grantee the most protection?

General warranty deeds give the grantee the most protection, special warranty deeds give the grantee more limited protection, and a quitclaim deed gives the grantee the least protection under the law.

Which deed has the most covenants?

The General Warranty Deed A general warranty deed provides the highest level of protection for the buyer because it includes docHub covenants or warranties conveyed by the grantor to the grantee.

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Replace Option Choice to the Warranty Deed