A covenant of warranty is a legal agreement in which a seller guarantees that the property being sold is free from any defects or encumbrances and that the seller will defend the buyer’s title against any claims made by third parties. This covenant is typically included in a deed or other legal document and is enforceable by law.
A Covenant of Warranty is a legal promise made by a seller to a buyer, guaranteeing that the seller has the legal right to sell the property and that the property is free from any encumbrances or defects.
A Covenant of Warranty covers the title to the property being sold. It ensures that the seller has the legal authority to transfer ownership and that there are no undisclosed liens, claims, or other issues that could affect the buyer’s ownership rights.
No, a Covenant of Warranty is a provision within a warranty deed. A warranty deed is a legal document that transfers ownership of a property from the seller to the buyer, while the Covenant of Warranty is a specific promise made by the seller regarding the property’s title.
Yes, a Covenant of Warranty can be waived or excluded in certain circumstances. For example, in some real estate transactions, the buyer may agree to accept the property “as is” without any warranties or guarantees from the seller.
If a Covenant of Warranty is breached, the buyer may have legal recourse against the seller. This could include seeking damages for any financial losses incurred as a result of the breach or potentially rescinding the sale altogether.
Yes, a Covenant of Warranty typically runs with the land, meaning it is binding on subsequent buyers. This ensures that the original seller’s promise regarding the property’s title continues to apply even if the property changes hands.
The duration of a Covenant of Warranty can vary depending on the jurisdiction and the specific terms of the agreement. In some cases, it may last indefinitely, while in others, it may be limited to a certain period of time.
Yes, a Covenant of Warranty can be modified or amended if both parties agree to the changes. However, any modifications should be properly documented and executed to ensure their legal validity.
It is always advisable to consult with a qualified real estate attorney before entering into any legal agreement, including a Covenant of Warranty. A lawyer can review the terms, explain the potential implications, and provide guidance to protect your interests.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 5th April 2024.
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