Real Estate Law

A warranty deed guarantees the seller holds clear title and will defend against claims, giving the buyer the strongest protection. A quitclaim deed transfers only whatever interest the grantor has with no guarantees, so it's typically used between family members or to fix title issues rather than in arm's-length sales.

Title insurance protects against losses from defects in the property's title that existed before purchase — such as liens, forgery, undisclosed heirs, or recording errors. A lender's policy protects the mortgage lender, while a separate owner's policy protects your equity.

Typical contingencies let a buyer back out (often keeping their deposit) if certain conditions aren't met — commonly financing/loan approval, a satisfactory home inspection, an appraisal at or above the price, and clear title. Deadlines for each contingency are strict, so track them carefully.

Earnest money is a good-faith deposit showing you're serious about buying, usually held in escrow and credited toward your purchase. Whether it's refundable depends on the contract's contingencies — you typically get it back if you cancel within a valid contingency, but may forfeit it if you back out without cause.

Closing costs are fees to finalize the sale — lender fees, title and escrow charges, recording fees, transfer taxes, and prepaid items like insurance and taxes — often totaling roughly 2–5% of the price. Who pays what is negotiable and varies by local custom and your contract.