A homeowner agreed to sell his home to an accountant. He gave the accountant a general warranty deed and the accountant gave him $86,000, his asking price. The deed was recorded. A few years later, the accountant sold the property to a doctor, who paid her $125,000 for the property. To save on attorney's fees, the accountant went to her local office supply store to purchase a general warranty deed form. The store was out of those forms, but the clerk suggested that she use the form labeled "Quitclaim Deed," asserting that it would transfer the title just as well as the other form. The accountant purchased the form and filled in the blanks with the appropriate information she copied from her old deed. The doctor did not hire a lawyer to represent him in the purchase of the house.
The doctor accepted the deed from the accountant and gave her $125,000. Soon after the doctor moved into the house, it was discovered that the homeowner's title was not good. The true owner now demands that the doctor vacate. Title is judicially determined to be with the true owner, and the doctor is forced out.
Does the doctor have any action against the homeowner or the accountant based on any covenant for title?
(a) Yes, the doctor can sue both and recover $125,000.
(b) Yes, the doctor can sue the homeowner, but not the accountant, and can recover his full $125,000.
(c) Yes, the doctor can sue the homeowner, but not the accountant, and can recover only $86,000.
(d) No, the doctor can sue neither the homeowner nor the accountant.

Question

BigK6867 BigK6867

13-12-2022
Business

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A homeowner agreed to sell his home to an accountant. He gave the accountant a general warranty deed and the accountant gave him $86,000, his asking price. The deed was recorded. A few years later, the accountant sold the property to a doctor, who paid her $125,000 for the property. To save on attorney's fees, the accountant went to her local office supply store to purchase a general warranty deed form. The store was out of those forms, but the clerk suggested that she use the form labeled "Quitclaim Deed," asserting that it would transfer the title just as well as the other form. The accountant purchased the form and filled in the blanks with the appropriate information she copied from her old deed. The doctor did not hire a lawyer to represent him in the purchase of the house.
The doctor accepted the deed from the accountant and gave her $125,000. Soon after the doctor moved into the house, it was discovered that the homeowner's title was not good. The true owner now demands that the doctor vacate. Title is judicially determined to be with the true owner, and the doctor is forced out.
Does the doctor have any action against the homeowner or the accountant based on any covenant for title?
(a) Yes, the doctor can sue both and recover $125,000.
(b) Yes, the doctor can sue the homeowner, but not the accountant, and can recover his full $125,000.
(c) Yes, the doctor can sue the homeowner, but not the accountant, and can recover only $86,000.
(d) No, the doctor can sue neither the homeowner nor the accountant.

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tutorconsortium609 tutorconsortium609 · Answer 1 · 2022-12-18T11:17:36+01:00

Option C is the correct answer. "Quitclaim Deed," labelled as having been purchased by the doctor. After taking action, the doctor can sue the homeowner but not the accountant and recover only $86,000.

Can I use a quit claim deed?

Other types of real estate deeds provide assurances and protections, whereas quitclaim deeds do not.
They ought to only be utilised in specific situations as a result.
These include the passing of real estate between members of a small family, like a father to a child.

What does a quit claim deed accomplish?

A quitclaim deed is a legal instrument used to transfer real estate ownership from one party to another.
Because they are a rapid way to complete real estate transfers, quitclaim deeds are also frequently referred to as quick claim deeds or quit claim deeds.

Option C is the correct answer. "Quitclaim Deed," labelled as having been purchased by the doctor. After taking action, the doctor can sue the homeowner but not the accountant and recover only $86,000.

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