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Warranty DeedWarranty deed is a type of deed where the seller guarantees that he or she holds the clear title on the particular real estate property and has the right to sell it to the buyer. A general warranty deed holds two forms of covenants to title. They are present covenants and future covenants.
Present covenantPresent covenant declares the seller’s promise that he has clear title and has a valid right to sell the real property. It also declares that the seller has no encumbrances, if any he should settle them before the sale.
Future covenantFuture covenant represent the seller’s promise that he will protect the buyer against any one who comes later and claims the title of the investment property. If the valid title is not passed to the buyer, then the seller is responsible to pass the said title to the buyer.
Wild deed is said to be a deed with improper records. A deed is very important with respect to real estate property as it declares the future owner of the concerned property. It establishes who gains the legal title to the real property.
WillIn common law, will is a document by which a person regulates the rights of others over his or her property or to his family after death. In general will is also said to be a testament but, there is a minute different between them. The testament is used only at the time of the disposition of personal real estate propert. Will is prepared only for trust and is effective only after the death of the testator.
Wrap Around MortgageWrap around mortgage is nothing but a secondary form of mortgage in which the seller extends the buyer’s first mortgage. This is also said to be a junior mortgage which wraps around the first mortgage and exists in addition to it. For this, the seller needs a promissory note from the buyer for the amount due on the underlying mortgage. The buyer has to pay the monthly installments to settle these mortgages. If he fails to do so, then the seller has a right to foreclose or recapture the subject property.
Walk ThroughWalk through is a final inspection performed by the buyer to ensure that all the details that are mentioned in the agreement by seller are satisfied or not. It is the only time to evaluate whether the work on repairs and modifications are as per the agreement or not. It is the time to evaluate the condition of the real property whether it is deteriorated significantly between the time of signing the agreement and the walk through. Walk through is high recommended to the buyers before the final transaction closing of a real estate property.