Business Definition for: special warranty deed
special warranty deed
a
deed
in which the
grantor
limits the title
warranty
given to the
grantee
to anyone claiming by, from, through, or under him, the grantor. The grantor does not warrant against
title
defects arising from conditions that existed before he owned the property.
Example: Because of
bankruptcy
of its owner, a property goes under trusteeship. When the property is sold to satisfy creditor claims, the
trustee
conveys a special warranty deed to the buyer. This provides the buyer with warranty against claims incurred only during the time the property was held by the trustee.
See also
warranty deed
special warranty deed
deed
in which the grantor limits the
title
warranty given to the grantee to anyone claiming by, from, through, or under him, the grantor. The grantor does not warrant against title defects arising from conditions that existed before he owned the property.
See also
warranty deed
Related Terms:
deed conveying the seller's interest in real property to the buyer. The seller, also known as the grantor, certifies that the title on property being conveyed is free and clear of defects, liens, and encumbrances. If a third party claim is not exempted specifically, the buyer (the grantee) may sue the seller for the damages caused by the defective title.
deed conveying the seller's interest in real property to the buyer. The seller, also known as the grantor, certifies that the title on property being conveyed is free and clear of defects, liens, and encumbrances. If a third party claim is not exempted specifically, the buyer (the grantee) may sue the seller for the damages caused by the defective title.
Referring Terms:
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