What type of deed is typically received when purchasing real property from an estate?

Study for the Indiana Auctioneer Licensure Test. Utilize flashcards and multiple choice questions; each question includes hints and explanations. Prepare thoroughly for your exam!

When purchasing real property from an estate, a special warranty deed is the typical type of deed received. This type of deed provides a limited guarantee about the title, specifically covering the period during which the estate owned the property. The grantor (in this case, the estate) assures that there were no title issues or claims during their ownership, but does not make any assurances about prior owners.

This distinction is important because estates often may not have full knowledge of the property's complete historical title issues, such as defects or encumbrances that existed before they acquired the property. Therefore, the special warranty deed offers protection to the buyer only for the time the estate had control over the property, which aligns well with the nature of real estate transactions involving estates.

In contrast, a general warranty deed provides broad protections and guarantees, covering all prior owners and any potential title issues arising before the grantor's ownership. A quitclaim deed, on the other hand, offers no warranties or guarantees at all, making it a riskier option for buyers who want assurance about the title. Lastly, a life estate deed creates a life estate, which is not commonly involved in standard transactions when dealing with the purchase from an estate.

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