What does deed without warranty mean?
A deed without warranty is a deed that conveys title but with no warranty against any problems with the title. A deed without warranty may be utilized in the tax sale of a property, to transfer property to or from a revocable living trust, or to transfer the interest of one co-owner to the other co-owner.
Does the Remainderman own the property?
The remainderman is the person who inherits property after the termination of a life estate. A remainderman can exercise their right to use and hold property in a trust, but first, the trust must be dissolved. The life tenant can sell inherited property with the remainderman’s consent.
What does without warranty of any kind mean?
At its essence, the phrase means exactly what it implies. The vehicle to which the “As Is – No Warranty” sticker is affixed is offered for sale with all risk to be assumed by the buyer. The seller will not be held responsible for any problems or needed repairs after the sale.
Is a deed and warranty deed the same thing?
“DEED: A written instrument by which one party, the Grantor, conveys the title of ownership in property to another party, the Grantee.” A Warranty Deed contains promises, called covenants, that the Grantor makes to the Grantee.
Can a remainderman be changed?
The owner of the life estate can remove or change the remaindermen if he or she (grantor or life tenant) wants. For a better view and options, one should consult with an attorney.
What is the difference between a warranty deed and a title?
The biggest difference between a deed and a title is the physical component. A deed is an official written document declaring a person’s legal ownership of a property, while a title refers to the concept of ownership rights.
Does as is mean no warranty?
As Is, No Warranty In general, the term “as is” means that a certain car is available in the condition as it is on the lot. This means that any defects or flaws with the car will be your responsibility as the buyer and won’t be covered by a warranty.