LIMITED WARRANTY DEED-Lease Options
Limited Warranty Deed – What is it
The limited warranty deed is a document which is made between the state and the parties which are also referred to as Grantees. The state in exchange for cash and other considerations, acknowledges, grants, sells as well as bargains the property to the grantee. This means that the limited warranty deed only warrants the problems that have occurred when the seller has owned the property. It does not warrant for anything that has happened before the ownership of the seller. The buyer therefore can sue the seller under general warranty deed for those defects in the title which have taken place in prior ownerships but under the limited warranty deed he cannot sue the owner.
The limited warranty deed is when the bank has taken over the deed and notice is being given that the deed is free from any sort of encumbrances and that is only for the time that it has been owned by the bank ad not before. Therefore, when it is bought, the lender requires a search on the title to ensure that there are no problems or else the problems need to be identified before the deal has been closed and agreed upon.
When the grantor is the state, then the state for its heirs as well as executors and administrators warrants and they defend the title as well as the rights of the property forever unto the grantee and the grantees’ heirs. Therefore this is a legal document which has a lot of importance as the next purchaser cannot sue the grantee for things which have transpired prior to the seller owning the property.
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