New Mexico Warranty Forms - New Mexico Warranty Law
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Warranty Forms FAQ New Mexico Warranty Deed Form
What can I do about a product or service that didn't live up to promises?
If the seller or manufacturer disputes a breach of warranty claim, a claim may need to be filed in court. A breach of warranty claim involves a broken promise about a product made by either a manufacturer or a seller. The term also covers a failure of a statement or agreement by a seller of property which is a part of the contract of sale, when the truth of the statement is necessary to the validity of the contract. Warranties are also express or implied. An express warranty is a particular stipulation introduced into the written contract, by the agreement of the parties; an implied warranty is a guarantee imposed by law in a sale. Even though the seller may not make any explicit promises, the buyer still gets some protection.
What is the difference between an express and implied warranty?
Warranties may be either express or implied. Express warranties are created by affirmative acts of the seller that are an affirmation of fact or promise made by the seller which relates to the goods and becomes part of the basis of the bargain. Express warranties can be created when the seller describes the goods or furnishes samples. Express warranties create strict liability for the seller, so that negligence need not be proven. In general, express warranties are based on factual statements rather than opinions about the future. An exception is made when it is a professional opinion which can create a warranty. Under the Uniform Commercial Code (UCC), which has been adopted in some form by almost all states, liability for breach of warranty is based on seller status. Manufacturer, distributor, and retailer could all be jointly and severally liable, so that the full amount of damages could be collected from one or any of them. The distributor and retailer may be able to escape liability if the manufacturer is not bankrupt. Purchasers, consumers, users, and even bystanders are entitled to sue in most states for breach of warranty.
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What is a Warranty Deed?
A warranty deed in New Mexico is a legal document that transfers ownership of a property from one person to another. It provides certain guarantees or warranties to the new owner, also known as the grantee. These warranties assure the grantee that the property is free from any undisclosed liens, claims, or restrictions that may affect their ownership rights. In simple terms, it's like a promise from the seller that they are selling the property without any hidden issues that might cause problems later. So, if you buy a property in New Mexico, a warranty deed gives you some peace of mind and legal protection.
Does a Warranty Deed Prove Ownership?
Yes, a warranty deed does prove ownership of a property in New Mexico. It is a legal document that transfers ownership rights from one party to another. When someone receives a warranty deed, it means they now have the legal right to own and possess the property in question. This document provides a guarantee or warranty from the seller to the buyer that they have the lawful authority to sell the property and that there are no other undisclosed claims or issues affecting the ownership. Therefore, a warranty deed is an important proof of ownership in New Mexico.
Types of Warranty Deeds
In New Mexico, there are two common types of warranty deeds: general warranty deeds and special warranty deeds. A general warranty deed provides the highest level of protection for the buyer. With this type of deed, the seller guarantees that they have full ownership of the property and that there are no hidden issues or claims against it. It also ensures that the seller will defend the buyer against any future legal problems related to the property's title. On the other hand, a special warranty deed only guarantees that the seller has not caused any problems to the property during their ownership. This means that the buyer may be responsible for any previous issues before the seller acquired the property.
General Warranty Deed
A General Warranty Deed is a legal document used in New Mexico to transfer ownership of real estate property from one person to another. It provides the buyer with a guarantee or warranty that the property being sold is free from any claims or defects, except those mentioned in the deed. This means that the seller is promising that they have the legal right to sell the property and that there are no hidden issues that could affect the buyer's ownership in the future. When someone is purchasing a property in New Mexico, it is important to ensure that they receive a General Warranty Deed to protect their investment.
Statutory Warranty Deed
A Statutory Warranty Deed in New Mexico is a legal document that provides a guarantee to the buyer of a property. This type of deed guarantees that the seller truly owns the property and has the right to sell it. It also promises that the property is free from any undisclosed liens or encumbrances. In simple words, it ensures the buyer that they are receiving a clean and clear title to the property and protects them against any future legal issues or claims. This kind of deed is commonly used in real estate transactions in New Mexico to provide peace of mind to both buyers and sellers.
