> It sounds like the seller will only warrant (or the Title Company will only insure) to the record description.
You think maybe this is just another way for them to transfer liability to others? I have seen this many times for several years. Not sure what we can do about it.
As a seller I would have less liability to issue a quit-claim deed, as a buyer I always want a warranty deed, title insurance or not. I am not buying a piece of property to get my money back if title is not clear; I am buying property because I want the property.
In my state and other states I have purchased land in, - warranty deeds are standard unless the property may have a problem with title, then its quit-claim. Such as tax foreclosures, bank repossessions etc.
that is exactly the reasoning, Seller will only warrant the original and buyer wants a deed with the latest survey so this is how many attorneys are handling it in NC. Title opinions and title work is handled by Attorneys in NC.My hope is to convince the attorney in this case that this is not the way to handle the situation. He is very knowledgeable and welcomes my input.
If a seller issued you a warranty deed and it turns out they don't own part of the property what are you going to get. Unless the seller can buy the property you are going to get money, the same kind as an insurance company will pay. Depending on who the seller is your chances might be better with the insurance company.
Hey, we all need to manage our risks. I might sign as grantor a warranty deed but only if I know the details of the title to the property. I've bought and sold property without a title insurance policy, again realizing my risks. BUT like advised by an attorney, I won't sign a warranty deed if I don't need to, I might even pass an the deal. Quit-claim deeds will pass all title if the signer has all title. A warranty deed won't convey all title if the grantor doesn't have all title, it just makes him liable (he warrants title).
Most title started out as a patent, a form of a quit-claim deed.
Different states have different laws pertaining to quitclaim deeds but I think we are saying close to the same thing.
According to Blacks-
Warranty deed– Deed in which grantor warrants good clear title.
Quitclaim deed – A deed of conveyance operating by way of release; that is , intended to pass
any title, interest, or claim which the grantor may have in the premises, but not professing
that such title is valid, nor containing any warranty or covenants for title.
I have heard of Non-Warranty deeds in Florida but I believe it is much the same thing as quitclaim.
As a buyer I would much rather have a warranty deed than quitclaim.
We have many patents in Alaska that are not Quitclaim deeds.