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Warning
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Simple English definitions for legal terms
transfer warranty
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A quick definition of transfer warranty:
A transfer warranty is a promise made by someone who is selling or transferring something to another person. It means that the seller promises that they have the right to sell or transfer the item, and that there are no problems or issues with it. If there are any problems, the seller will fix them or compensate the buyer. This type of warranty can apply to many things, like a car or a house. It is important to have a transfer warranty to protect both the buyer and the seller.A more thorough explanation:
A transfer warranty is a type of warranty that is made by a seller or transferor of property to the buyer or transferee. It is a promise that the seller has the right to sell the property and that there are no liens or other encumbrances on the property beyond those that the buyer is aware of at the time of the sale.
For example, if John sells his car to Jane and gives her a transfer warranty, he is promising that he has the right to sell the car and that there are no liens or other encumbrances on the car beyond those that Jane is aware of at the time of the sale.
This type of warranty is important because it protects the buyer from any legal issues that may arise from the sale of the property. If the seller breaches the warranty, the buyer may be entitled to compensation or other remedies.