In Scotland, warrandice is a legal concept that entails the obligation for the seller of land to reimburse the buyer if another individual claims ownership. There are two forms of warrandice: personal warrandice, which holds the seller and their family responsible for repayment, and real warrandice, which allows the buyer to receive alternative land as compensation if they are evicted from the purchased property.
Warrandice is a legal term used in Scots law to describe the obligation of compensating the buyer or grantee of land if someone else proves to have a superior claim to the land and takes possession of it. There are two types of warrandice: personal warrandice and real warrandice. Personal warrandice entails the seller agreeing to compensate the buyer if another party emerges with a stronger claim to the land and takes it away. On the other hand, real warrandice involves the seller agreeing to transfer ownership of another piece of land to the buyer if someone else comes forward with a better claim and takes away the land that was sold. For instance, if John sells a piece of land to Jane and promises personal warrandice, he is assuring her that he will compensate her if someone else takes the land from her. However, if John promises real warrandice, he is guaranteeing that he will transfer ownership of another piece of land to Jane in the event that someone else takes the land he sold her.
Warrandice is a legal term that refers to a guarantee or assurance provided by a seller to a buyer regarding the title or ownership of a property being sold.
Warrandice is important in real estate transactions as it provides protection to the buyer against any future claims or disputes regarding the ownership or title of the property.
A warrandice deed is a legal document that guarantees the buyer of a property that the seller will defend the buyer’s title against any claims or challenges made by third parties.
Yes, warrandice can be waived in a real estate transaction if both parties agree to exclude it from the terms of the sale. However, it is generally recommended to include warrandice to ensure the buyer’s protection.
If a seller breaches the warrandice agreement, the buyer may have legal recourse to seek damages or specific performance, depending on the terms of the agreement and applicable laws.
In some cases, warrandice can be transferred to subsequent buyers if the original buyer sells the property. However, this would depend on the specific terms of the warrandice agreement and applicable laws.
While warrandice and warranty are similar concepts, they are not exactly the same. Warrandice specifically relates to the title or ownership of a property, whereas a warranty can cover various aspects of a product or service.
Yes, warrandice can be limited or excluded in a contract if both parties agree to such terms. However, it is important to carefully review and negotiate the terms to ensure adequate protection for the buyer.
The duration of warrandice can vary depending on the terms agreed upon in the contract. It is common for warrandice to last for a specific period, such as a few years, but it can also be indefinite in some cases.
Warrandice is typically enforceable only between the buyer and the seller. It may not be directly enforceable against third parties unless they are specifically mentioned in the warrandice agreement or if there are other legal grounds for doing so.
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: 17th April 2024.
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