Property Ownership
In New Mexico, a 'statutory warranty deed' provides:
ANo warranties whatsoever
BWarranties only during the grantor's period of ownership (equivalent to special warranty)✓ Correct
CFull warranties against all claims from all time periods
DTitle insurance automatically
Explanation
A statutory warranty deed in New Mexico typically provides warranties only against defects arising during the grantor's ownership period—equivalent to a special warranty deed—rather than the full historical warranties of a general warranty deed.
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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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
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