No liens on pro title search, is quit claim deed ok?
Purchasing bank owned, foreclosed property via auction.com. I had pro title complete a Foreclosure/REO/Full Title search and it came back clean. No liens or mortgages on the property.
Is it ok to accept a Quit Claim Deed for this or should i choose option #2 - Special Warranty Deed?
Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes
7y
Get a warranty deed. Quit Claim are perfect for transferring properties from your name to your LLC and among partners - but when you're purchasing, the seller provides the buyer with a title policy to ensure clear title and for that a warranty deed is the only way to go. Congrats on your new purchase...
Attorney · NJ · Member since 2016 · 1k+ posts · 794 votes
7y
Is there a premium for a special warranty deed? I'd always prefer that option, if it's available. That way if something pops up later you have a warranty for the time period the seller owned. It probably isn't long, but it's something if they'll give it.
Real Estate Broker · Provo, UT · Member since 2013 · 689 posts · 511 votes
7y
quit claim will transfer ownership rights, but it may negate some or all of the provisions of a title insurance policy. I believe this is a state-by-state issue so best to check with your title/attorney before making the change.