LIMITED WARRANTY DEED- Land Contracts,
What is a limited warranty deed
A limited warranty deed is a document which is made by the county of a particular state and the grantors as well as grantees. In this limited warranty deed the grantor informs that he has received payments and in exchange has either sold, conveyed, granted or confirmed it to the grantee.
In this the grantee is said to hold all the rights, members and appurtences and is said to use the property well. In this limited warranty deed the parties acknowledge and execute the deed in the presence of the county recorder or at the registrar of titles.
When the limited warranty deed is not recorded, it is considered as void against the subsequent purchaser and if this has been recorded then the question of good faith of the person who is the subsequent purchaser does not get affected. These limited warranty deeds are recorded where the property is located, in that same county.
When the grantor in this deed warrants that he has not done anything or suffered anything and thus the title cannot be encumbered and thus it can be listed on the deed. It is said that the convenants of the title are not implied in the conveyance.
In this deed if there are any encumbrances which are there, the grantor should inform the grantee that it exists as well as the nature of it before any sort of consideration is paid to the grantor by the grantee.
This deed when it is presented for recordation, it needs to be sent alongwith the certificate of real estate value as well as a well disclosure certificate.
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