Escrow & Title
A special warranty deed in Maryland differs from a general warranty deed in that:
AIt provides no warranty at all
BThe grantor only warrants against defects or claims arising during their own period of ownership✓ Correct
CIt is only used for foreclosure properties
DIt requires court approval
Explanation
A special warranty deed limits the grantor's warranty to defects arising during their own ownership period, not those that existed before.
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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.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
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