Re: Limited Warranty Deed
Hope this helps!
General Warranty Deed
A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it) the grantee may hold the grantor liable.
Special Warranty Deed
A deed in which the grantor conveys title to the grantee and agrees to protect the grantee against title defects or claims asserted by the grantor and those persons whose right to assert a claim against the title arose during the period the grantor held title to the property. In a special warranty deed the grantor guarantees to the grantee that he has done nothing during the time he held title to the property which has, or which might in the future, impair the grantee's title.
Re: Limited Warranty Deed
THis might also help might also:
Special and limited warranty deeds (the terms are virtually the same) afford greater protection to the grantee than a quitclaim deed but less protection than a full or general warranty deed. They are often given in connection with conveyances by trusts (including land trusts) and estates, land contract vendors, and financial institutions that have taken back property by foreclosure or deed in lieu of foreclosure in satisfaction of a defaulted mortgage loan. These types of grantors (as well as others who are able to negotiate delivery of a special or limited warranty deed in connection with a property sale) usually will argue that they have only limited, incomplete, or indirect knowledge of the status of title to the property and/or have not been in actual possession of the property, but that they are willing to give the grantee greater protection than would be available by delivery of a quitclaim deed. Special and limited warranty deeds provide that the grantor warrants only that it has not created or suffered any defect in title to occur during the period that it was in title to the property being transferred, i.e. the grantor warrants against its own acts or omissions and agrees to defend the grantor against any action by another party claiming by, through, or under the grantor that it has a superior title to the property conveyed to the grantee. See, e.g. Kendall v. Rogers, 181 Md. 606 (1943) (“A covenant of special warranty protects the grantee against any defect in title created by the grantor but not against any defect created by the grantor’s predecessors”); Mason v. Loveless, 24 P.3d 997 (Utah App. Ct. 2001) at P12 (“if the grantor covenants to warrant and defend the title only against claims arising by, through or under the grantor, it is a special warranty”). There is very little case law (or commentary) regarding the interpretation, scope, and enforceability of a “special” or “limited” warranty deed (sometimes also referred to as a “deed with a covenant against grantor’s own acts,” a “bargain and sale” deed, or a “C deed”).
Convert limited warranty deed to general warranty deed?
If you buy a repossessed property from a bank and receive a special warranty deed... how can you convert the deed to a general warranty deed?
Is this done after a title search and transfer of deed?
Help anyone?
