What Are the Two Types of Subsequent Events? What Key

question 29

Essay

What are the two types of subsequent events? What key characteristic(s)distinguish the two?

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Definitions:

Quitclaim Deed

A legal document used to transfer interest, if any, in real property with no warranties regarding the title of the property.

Warehouse

A large building where raw materials or manufactured goods may be stored before their distribution for sale.

General Warranty Deed

A type of deed where the seller guarantees to the buyer that they hold clear title to the property and have the right to sell it, with protection against future claims to the title.

Closing

The final step in a transaction, particularly in real estate, where the legal transfer of property is completed and documents are signed.