What is a warranty of title?

A warranty of title is a guarantee given in a contract between two or more parties that a property or asset is free from any kind of claims or liens. In other words, it’s a guarantee that there are no other legal issues or disagreements associated with the ownership of a property or asset. In Virginia, a warranty of title is an implied term of most contracts for the sale of real estate. The warranty of title is provided by the seller to the buyer, and it typically requires that the seller has good title to the property, meaning that the seller legally owns the property and is authorized to sell it. The warranty of title also implies that the property does not have any liens or legal claims against it. In other words, the seller must guarantee that the buyer will not have to pay any additional fees or face any legal issues related to the property’s ownership after the sale. If there is a breach of the warranty of title, the buyer can pursue legal action against the seller. The most common remedy for breach of warranty of title is a refund of the purchase price plus damages, if any. In Virginia, the buyer only has two years from the date of the sale to pursue a claim for breach of warranty of title.

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