Escrow & Title
What is a 'limited warranty deed' (also called a special warranty deed) in Delaware?
AA deed guaranteeing title against all defects throughout history
BA deed where the grantor warrants title only against defects arising during their ownership, not before✓ Correct
CA deed with limited use restrictions included in the warranty
DA deed used in limited liability company transactions only
Explanation
A special (limited) warranty deed in Delaware provides a warranty that the grantor has not caused any defects in title during their ownership. Defects arising before the grantor's ownership are not covered by this warranty.
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Key Terms to Know
Deed
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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