Escrow & Title
In Georgia, a 'special warranty deed' limits the grantor's covenant to:
AA. All claims from the beginning of time
BB. Claims arising only during the grantor's period of ownership✓ Correct
CC. Claims arising after closing
DD. Claims related to title insurance
Explanation
A special warranty deed (limited warranty deed) only warrants title against defects that arose during the grantor's ownership. The grantor does not warrant against pre-existing defects from prior owners.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Math Concepts
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