What are the advantages and disadvantages of special warranty list?
Special warranty list may facilitate the transfer of assets in certain types of transactions, unless the current owner is willing to guarantee the chain of the title under the previous owners, but also provides less overall protection to the buyer against defects of titles than a general list. Although this type of document is not suitable for a normal property transaction in the area of residential properties, it fulfills the need to deal with emergency residential properties and commercial real estate. As long as the buyer is aware of the advantages and disadvantages of using a special warranty list, he can take advantage of his facilitation functions and at the same time obtain additional insurance to protection against limited guarantee on the title. Real estate assets may have debts such as mortgages and lien, which will become part of the name of the property until the debt is met. Follow these Debts the property, not the owner if the property is sold. Debts are sometimes not properly recorded as required by law, so the buyer requires the seller a guarantee that the public record of the OSSAHits all existing loads.
Two types of warranty documents are a general warranty list and a special warranty list. Sellers who provide general warranty list for sale of real estate guarantee that there are no other title defects than those published. The special warranty list offers only a limited guarantee regarding the title. With this type of document, the owner guarantees that he did not burden the property. It does not attract anything that could happen some time ago when he became the owner.
Special warranty documents are usually not enough for a normal transaction with residential real estate. The title of the title tends to issue with the added protection provided by the General Warranty List. There are certain cases where the use of a special warranty list is an advantage and in fact makes sales such as selling market closure. Banks or financial companies that Reposess real estate guarantees, guarantees nAzure only from the moment he took over.
A special warranty list can be an advantage in the closure of the market. If the bank had to guarantee the title chain, it would complicate and extend the time it takes to complete the sale. The buyer knows that the property had a net title and had a insurance policy valid before closing. It only must ensure that the owner does not burden the property for the default value by public record, so that he has almost the same assurance by doing some work with the aircraft, as if he had a general warranty list.