Maine Mineral Deed with Limited Warranty
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How to fill out Mineral Deed With Limited Warranty?
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FAQ
A special warranty deed?also known as a limited warranty deed?is a variation of the general warranty deed. While the word "special" may communicate to a buyer the idea that the deed is of higher quality, the special warranty deed is less comprehensive. It offers less protection due to the limited timeframe it covers.
Special Warranty Deed ? The category of special warranty deed is similar to a general warranty deed with one important difference. The covenants in the special warranty deed only extend to any breaches in title that were caused by the grantor or occurred during the time the grantor owned the property.
General Warranty Deed A general warranty deed is the gold standard of property transfers. This type of deed is overwhelmingly used in residential purchases. Most lenders require a warranty deed for properties they finance. It offers buyers the greatest possible protection from future claims against the title.
A fiduciary deed differs from other types of deeds, such as warranty deeds and quitclaim deeds, in that it does not guarantee the title to the property. Rather, it simply transfers the ownership of the property from the original owner to the new owner.
A warranty deed promises that the grantor holds good, clear title to a piece of real estate. It promises also that the grantor has the right and authority right to sell it to the grantee or buyer. A quitclaim deed, on the other hand, makes no promises about the quality of the title to the property.
Quitclaim Deed A deed used to transfer any interest in real property that the grantor may have. It contains no warranties of any kind.
Both deeds contain a promise that the grantor is conveying clear title to the property. But, the difference between the general warranty and limited warranty is the duration of that promise.
Warranty deeds are the safer option when buying property versus simply transferring ownership. Most buyers will want this option. If it is discovered that the seller did not have complete ownership of the property, the buyer can sue for breach of warranty.
