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FL Real Estate TEST | Verified Q&A’s| Latest Update
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FL Real Estate TEST | Verified Q&A’s| Latest Update
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FL Real Estate TEST | Verified Q&A’s| LatestUpdate
general warranty deed - ✔✔provide the greatest protection for the grantee
(buyer). ;sometimes called a full covenant and warranty deed or simply warranty
deed, is a deed containing the strongest and broadest form of guarantee of title.
These are the most commonly used deeds in Florida.
Bargain and Sale Deed - ✔✔a deed without any covenants or warranties
against encumbrances. It only implies that the grantor has possession of the
property and holds the right to convey title. Remember, this is the covenant of
seisin.
Sometimes this is called a deed without warranty. Without warranties, the
grantee has little legal recourse if defects later appear in the title. Plenty of
lenders won't want to fund a mortgage if the deed will be a bargain and sale
deed. ("I'm conveying my ownership interest to you, whatever that may be, and I
may not even have ownership interest at all.")
Special Warranty Deeds - ✔✔also known as the bargain and sale deeds with
covenants.
This type of deed only protects against defects that occurred while the grantor
held title. The grantor warrants only that the property was not encumbered
during the time they held title, except as noted in the deed, and that they have
done nothing during ownership to cloud or damage the title.
Scenario: Imani and Abigail Return
Quitclaim Deeds - ✔✔a type of deed that conveys any interest, title, or right to
a parcel of land the grantor has at the time the deed is executed. However, the
, interests, title, and rights conveyed are uncertain, as the grantor makes no
guarantees and is essentially stating they can't back these interests up.
It carries no covenants or warranties and conveys only such interest that the
grantor may have when the deed is delivered.
Adverse Possession - ✔✔is the involuntary transfer of title from an owner who
does not use or inspect their land for a number of years to another person who
has some claim to the land and takes possession.
Personal Representative Deed - ✔✔is a type of deed that conveys the title to
the property of a deceased person. With this kind of deed, a personal
representative is elected by a court or chosen in a will to carry out a deceased
person's wishes.
this deed should:
-Reflect the full consideration paid for the property
-Include a covenant against encumbrances
Guardian's Deed - ✔✔conveys property by a court-appointed representative
acting on behalf of a minor who cannot serve as a grantor on their own. The court
must approve the conveyance to ensure the guardian made a wholesome
decision.
Committee's Deed - ✔✔You probably remember that a deed needs a
competent grantor. If the grantor is declared mentally incompetent or enters an
institution, a committee will decide how to convey the property.
A court usually elects the committee members.
Each member needs to sign the deed.
All committee members must be a fiduciary of the incompetent person.
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