What is a covenant of warranty?

A covenant of warranty is a legal agreement between two or more parties concerning the ownership of a piece of property. In North Carolina, a covenant of warranty is an enforceable promise from one party to another that certain facts about the property will be true. This could include warranties that the property title is clear and not encumbered by any liens or judgments, that the property is being conveyed in good condition, and that the seller will provide a deed of the property to the buyer. Covenants of warranty are important to ensure that both parties are properly protected in the property transaction. If any of the warranties are proven to be false, then the buyer may be able to recover their losses from the seller.

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