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Special Warranty Deed? 
4 posts by 3 users
Kel S.Real Estate Investor Toledo, Ohio |
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Can someone explain this term and what it means? My spouse seem to think that it's risky to accept this type of Deed because it could mean that there may be prior liens on a property prior to the Bank owning it. Is that the case or are we ok with this type of deed? Would getting title insurance cover any possible prior issues with the title/deed? If so, who normally pays for that? The seller (bank) or us? How much is it usually? |
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Jon H.Real Estate Investor Denver, Colorado |
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According to Bill Bronchick at one of our recent REIA meetings, a Special Warranty Deed is "in between" a Quit Claim and a General Warranty Deed. The bank is gurarnteeing they have not caused any liens to be placed on the policy. Good luck getting a bank to give you anything else. Normally a foreclosure wipes out almost everything. The title company should find any lingering items. Seller pays for the buyer's "owners title policy". Buyer (really, borrower) pays for the lender's "lenders title policy". At least, on every transaction I've done. Call a title company in your area and ask for their rates. Some publish a rate card and any could tell you their rate on a specific property. |
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Jeff T.Real Estate Investor Fort Myers, Florida |
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Just make sure you read the title commitment for any exceptions if you are paying cash |
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Kel S.Real Estate Investor Toledo, Ohio |
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Thank you. From what I understand from the realtor is that they will have the title search run for us before closing so we should know if there are any surprises (crossing fingers). Yes, this is cash purchase. |
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Posted: 10/23/2008 at 07:08PM
