Minnesota Royalty Deed with Limited Warranty
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How to fill out Royalty Deed With Limited Warranty?
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FAQ
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 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.
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.
The grantor of a Minnesota Limited Warranty Deed covenants that the grantor did not do anything to adversely affect the title to real property, but does not covenant that there are no unresolved title issues originating prior to the ownership of the real property by the grantor.
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.
A warranty deed's warranty covers the property's entire history, while a limited warranty deed's warranty covers only the period during which the grantor owned the real estate.
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.
