Escrow & Title
A special warranty deed in North Carolina differs from a general warranty deed in that:
AIt is used only for commercial properties
BThe grantor warrants title only against claims arising during their ownership, not before✓ Correct
CIt requires no consideration
DIt transfers only an equitable interest
Explanation
A special warranty deed limits the grantor's warranty to defects arising only during their period of ownership, unlike the general warranty deed which covers all prior periods.
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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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