Escrow & Title
In New Mexico, a 'special warranty deed' (also called a limited warranty deed) warrants title only:
AFor the lifetime of the grantor
BAgainst claims arising during the grantor's period of ownership only✓ Correct
CAgainst all claims from all time
DAgainst claims by the grantee's heirs
Explanation
A special warranty deed limits the grantor's warranty to defects or claims that arose while the grantor owned the property. The grantor makes no warranty about claims arising before their ownership.
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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.
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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