The most commonly used deed in New York residential transactions is:
Question & Answer
Review the question and all answer choices
Quitclaim deed
Quitclaim deed is incorrect because it offers no warranties about the property's title. While useful in specific situations like transferring property between family members, it's rarely used in standard residential transactions where buyers expect some title protection.
Bargain and sale deed with covenants
General warranty deed
General warranty deed is incorrect because while it offers maximum protection with six covenants, New York specifically doesn't require this level of protection for most residential transactions, making it less common and more costly for standard sales.
Special warranty deed
Special warranty deed is incorrect because it only protects against title issues arising during the grantor's ownership period, not before. This limited protection is typically used in commercial transactions or situations where the seller wants to limit liability.
Why is this correct?
Bargain and sale deed with covenants against grantor's acts is correct because it's the statutory standard for New York residential transactions. It provides reasonable protection to buyers without the extensive warranties of a general warranty deed, making it practical for most residential sales in the state.
Continue Learning
Explore this topic in different formats
More Property Ownership Videos
Continue learning with related video lessons
The rights of ownership, including the right to use, possess, enjoy, and dispose of a thing in any legal way so as to exclude everyone else without rights from interfering, are called
3:10 • 0 views
Arizona is a community property state. This means:
2:25 • 0 views
An owner sold a parcel of real estate to a buyer with the stipulation that the buyer was not allowed to sell alcohol from the prem- ises. The buyer sold the property 10 years later to a buyer who converted the build- ing into a convenience store that sold beer. Should the owner or owner’s heirs claim a right of re-entry, what would be the basis for the lawsuit?
2:46 • 0 views
The highest form of property ownership in the United States is:
2:35 • 0 views
In a deed, the clause that defines the nature of the estate being granted is the:
2:45 • 0 views
Ready to Ace Your Real Estate Exam?
Access 2,000+ free video lessons covering all 11 exam topics.