Easily Replace Option Field into the Warranty Deed

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How to Replace Option Field into the Warranty Deed

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In this video, attorney Robert Flesses addresses a viewer question from Gina regarding the process of changing a quitclaim deed to a warranty deed after purchasing a foreclosure. He explains that receiving a quitclaim deed means the buyer only obtains the ownership interest that the seller had at the time of sale, which limits their rights. Flesses emphasizes that you cannot convert a quitclaim deed into a warranty deed, likening it to trying to turn an apple into a banana—it's simply not possible. He encourages viewers to subscribe for more legal insights.

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What is the difference between a general warranty deed and a special warranty deed in California?

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.

What are the disadvantages of a special warranty deed?

A special warranty deed guarantees that the buyer wont face any legal action or title issues as a result of the actions of the propertys previous owner. A downfall is that this type of deed does not offer any guarantees that prior owners owned the property free and clear.

Why are warranty deeds rarely used in California?

Warranty deeds are uncommon in California, no doubt because of the almost universal reliance in this state on title insurance to evidence marketable title. A trust deed (or deed of trust) is a 3-party security instrument conveying title to land as security for the performance of an obligation.

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

A quitclaim deed is the opposite of a warranty deed in that the grantor is transferring title to a piece of property but is not warranting that they have good title to that property. A quitclaim deed only transfers whatever interest that the grantor has in the property at the time of the conveyance.

What is a deed that transfers title to property without any warranties called?

A quitclaim deed transfers the title of a property from one person to another, with little to no buyer protection. The grantor, the person giving away the property, gives their current deed to the grantee, the person receiving the property.

What is the most used deed in California?

The most commonly used type of deed in California is called a Grant Deed. A Grant Deed is a written instrument by which title to or an interest in real property is transferred from one person or legal entity (grantor) to another (grantee).

What are other names for warranty deed?

A grant deed, also known as a special warranty deed, is a legal document used to transfer ownership of real property. A special warranty deed only warrants against problems in the property title that occurred during ownership of the property.

Are warranty deeds used in California?

In California, warranty deeds are often used: When a buyer is purchasing residential property from a seller for full value; When the buyer does not intend to purchase title insurance; or. In other circumstances where the current owner is comfortable with the legal risk associated with an unlimited warranty of title.

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Replace Option Field into the Warranty Deed