What is a statutory warranty deed and how does it affect a real estate dispute?

A statutory warranty deed is a type of deed used to transfer real estate ownership from one person to another in North Carolina. This deed type is one of the highest forms of assurance available and provides certain protections to the purchaser, or grantee. The warranty deed includes several covenants that guarantee the title to the property is free and clear from any encumbrances or claims by others, such as liens, mortgages, or unpaid taxes. In addition, the grantor, or seller of the property, promises that they have full right and legal authority to transfer the property to the grantee. If there is a dispute regarding the title of the property, the grantee may seek legal action to protect their interests and request a court order that the warranty deed be enforced. This would require the grantor to assume the risk of any unknown claims on the title due to their guarantee of the property in the warranty deed. In North Carolina, any statutory warranty deed also includes a right of attorney-in-fact that is given to the grantee. This means that the grantee may authorize a third-party representative to act in their stead regarding any matters related to the dispute. Therefore, a statutory warranty deed in North Carolina provides certain protections to the grantee in the event of a real estate dispute. As the grantor makes certain guarantees of a clear title in the deed, they are responsible for any unknown claims that may arise and must uphold their part of the covenant. The grantee also has the right to seek legal action to enforce the warranty deed and can authorize an attorney-in-fact to represent them in a dispute.

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What is a statutory warranty deed and how does it affect a real estate dispute?

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