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In a limited warranty deed, the seller (also known as the grantor) provides a limited guarantee, or warranty, that the property being transferred is free from defects in title that occurred during the grantor's ownership.
What is the advantage of limited warranty deed?
One advantage of a limited warranty deed is that it provides some protection to the buyer against defects in title that occurred during the seller's ownership. If the title to the property is later found to have defects that arose during the seller's ownership, the buyer may be able to seek compensation or remedies from the seller. This can provide some peace of mind to the buyer, knowing that they have some recourse if problems with the title arise.
What all other deeds are there?
Other types of deeds that can be used in real estate transactions include a general warranty deed, a quitclaim deed, and a special warranty deed. Each type of deed has its own terms and conditions, and the type of deed used in a transaction can have significant legal implications for both the buyer and the seller.
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