LIMITED WARRANTY DEED-Rehabbing,
Why is limited warranty deed good for the seller?
Real estate market is and has been on the rise from a long time. That’s why deals of properties take place every day. Because it is a very high value item, some of the deals result in huge conflicts, and ultimately one or both the parties have to suffer. Thus, it is advised to seller and buyer to have foolproof paperwork of the deal. A lawyer or even an expert realtor can be hired to prepare the agreement.
There are four different types of deals that can take place during sale and purchase of a property. For a seller, a limited warranty deed is the most beneficial. In this the seller is responsible for the property only during the period of their ownership. And thus only the problems that took place during this period will affect the terms of the deal or the value of the property. The seller cannot be held liable for anything that happened before their ownership. Thus this type of deed protects the seller from most of the conflicts that can happen during a deal.
As a seller, you should try your best to get into a limited warranty deed only, especially if there have been many owners before them. It is also a great option for those who did not have the ownership for long. You can consult a realtor to discuss the details of the deed and then decide whether it will be beneficial for the sale of your property or not. Take the decision very carefully.
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