What is a 'general warranty' versus 'special warranty' deed in Delaware and when is each used?
Why A general warranty deed warrants title against all claims by anyone ever; a special warranty deed only warrants against claims arising during the grantor's ownership — commonly used in commercial transactions and by fiduciaries Is Correct
Answer B: A general warranty deed warrants title against all claims by anyone ever; a special warranty deed only warrants against claims arising during the grantor's ownership — commonly used in commercial transactions and by fiduciaries
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
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Key Terms to Know
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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