Question

Mrs. Heckler bought a unit in a condominium apartment complex directly from the developer. She most likely received a:

A) Warranty deed
B) Quitclaim deed
C) Leasehold interest
D) Title insurance policy

Answer 1

Mrs. Heckler would have most likely received a warranty deed, which guarantees that the developer has a clear title and the right to sell the property. This is the typical document provided when buying property directly from a developer.

Step-by-step explanation:

Mrs. Heckler most likely received a warranty deed when she bought a unit in a condominium apartment complex directly from the developer. A warranty deed is a legal document that guarantees the seller holds a clear title to the property and has the right to sell it to the buyer. It also ensures that the property is free from any undisclosed encumbrances or liens.

In contrast, a quitclaim deed transfers any ownership the seller (grantor) may have in the property without any guarantees. It is often used between family members or to clear up a title defect. A leasehold interest refers to the rights a tenant has under a lease agreement, which is not applicable in this scenario where Mrs. Heckler is purchasing the property. Lastly, a title insurance policy is a protective measure that covers the owner or lender from financial loss due to defects in the title, and although it's common in real estate transactions, it is not a type of deed.