What is a covenant of warranty?

A covenant of warranty is a legal agreement that occurs in property law in Alaska to protect buyers. A covenant of warranty is a promise made by the seller of the property that the title to the property is valid and free from any claims or encumbrances. This means that the buyer can be confident that they are the rightful owner of the property and that there are no prior owners or claims to the property. A covenant of warranty also includes certain promises that the buyer can rely on to ensure the property is in good condition and that the seller has properly maintained the property. For example, the seller may make a promise that the property is free from any material defects or encroachments by other properties. A covenant of warranty also transfers any legal responsibility for the condition of the property to the seller. This means if a dispute arises regarding the property, the seller cannot argue that the buyer was responsible. In Alaska, a covenant of warranty is part of any real estate transaction and is essential for a successful sale. It is important for buyers to understand their rights and responsibilities under the covenant warranty in order to protect their best interests.

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