Does the general warranty deed provide the greatest protection for a buyer?
We call it a general warranty deed because the seller or grantor is bound by law to honor definite warranties and covenants.
Usually, your state will require that certain words be used that are codified by a legislative act which imply the warranties in a general warranty deed.
The warranties are explicitly written into the deed with specific intentions; for an express purpose to honor the deed.
Some of the words we look for are 'convey and warrant' and 'warrant generally'.
The canonic warranties are five:
1. The covenant of sesin : The grantor warrants that they own the property and has the right to convey title.
2. The covenant against encumberance : The grantor warrants that the property is free from encumberances or liens except those which are included in the deed.
3. The covenant of quiet enjoyment : The grantor guarantees that the title is good and protected from those who might want to sue for the property.
4. The covenant of further assurance : The grantor promises to deliver and obtain all documents and instruments required to make the title a good one, for example, removing a cloud on the title.
5. The covenant of warranty forever : The grantor makes a promise to pay the grantee for any losses if the title ever fails.
Importantly, these covenants extend all the way back to the origins of the property by the grantors defense of the title against both himself and anyone who previously held title to the property.
What kind of examples can you think of that would challenge the warranty deed ?
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