The Washington statutory warranty deed is a form of deed that provides an unlimited warranty of title. It makes an absolute guarantee that the current owner has good title to the property. The warranty is not limited to the time that the current owner owned the property.
What is the definition of statutory warranty deed?
- Definition of Statutory Warranty Deed. A warranty deed is a document that transfers the title to a property from the seller to the buyer. It protects the buyer from the chance that someone will come along and lay claim to the property by saying the seller had no right to sell it. A statutory warrant deed is an abbreviated version of a warranty deed written in accordance with state law.
What is the difference between a statutory warranty deed and a warranty deed?
A statutory warranty deed is different from a warranty deed because it is a shorter form made available through your state’s statutes and it may not outright list the promise that the title is guaranteed to be clear. Instead, because it is a statutory form, this guarantee is implied and is still legally enforceable.
What is the difference between a bargain and sale deed and a statutory warranty deed?
Bargain and Sale Deeds In its most basic form, a bargain and sale deed includes a warranty that the grantor has title to the property but does not guarantee that the property is free of claims. In contrast, a grantee would prefer a general warranty deed because it gives them the most protection possible.
What is statutory title?
1. statute title – a heading that names a statute or legislative bill; may give a brief summary of the matters it deals with; “Title 8 provided federal help for schools”
What does statutory warranty mean?
Statutory warranties. Under a statutory warranty, you guarantee that the vehicle is free from defects: at the time the buyer takes posession.
What does statutory mean in real estate?
Much regulation of real estate is statutory, enacted by a legislative body, or regulatory, enacted by a governmental administrative agency. Environmental laws, for example, are primarily statutory and regulatory. Other real estate law is common law, meaning that it evolved from judicial decisions.
What are the four types of deeds?
In This Article
- Quitclaim Deed.
- Deed of Trust.
- Warranty Deed.
- Grant Deed.
- Bargain and Sale Deed.
- Mortgage Deed.
What type of deed is most commonly used?
General warranty deed Mainly for this reason, general warranty deeds are the most commonly used type of deed in real estate sales.
Which type of deed is used in foreclosures?
Bargain and sale deed This type of deed is typically used for properties in foreclosures or tax sales. There are no guarantees that the property or land in question is without encumbrances or defects.
What are statutory sections?
VI. Statutory notes are provisions of law that are set out as notes under a Code section rather than as a Code section. A statutory note can consist of as much as an entire act (such as Public Law 108-347 set out under 22 U.S.C.
What is a warranty deed?
A warranty deed is a document sometimes used in real estate, which offers the buyer of property the greatest amount of insurance. It guarantees or warrants that the property is owned by the owner free of any unpaid liens, mortgages, or other obligations against it.
What purpose long title and short title serves in a statute?
The long title of a statute is an important part of the Act and may be referred to for the purpose of ascertaining its general scope and of throwing light on its construction, although it cannot override the clear meaning of the enactment, while the short title is a statutory nickname to obviate the necessity of always
How long is a statutory warranty?
Warranties on used cars A statutory warranty lasts for three months or 5000 kilometres after purchase, whichever occurs first. The trader must repair any faults covered during the warranty period in order to ensure the car is in a reasonable condition for its age.
What is a Class A statutory warranty?
Class A Statutory warranty covers you when the vehicle: Has an odometer reading of less than 160,000km on the day of its sale. Has a built date of no more than 10 years before the day of its sale. The ‘class A’ warranty expires after 3 months or the first 5,000km, whichever occurs first.
Does warranty transfer to new owner?
Typically, the remaining miles or time on a used car’s factory warranty will transfer to the next owner. This is because manufacturer warranties are associated with the car’s vehicle identification number (VIN), not the name of the original owner.