I'm buying a REO property held by the VA and was supposed to close in 2 weeks. I just learned that the will not provide a warentee on the deed, only a quit claim deed. Not sure if my lender can even get title insurance at this point. Anyone else run into this?
Talk to your title insurance company. The VA conveys thousands of properties a year and I've personally had no issues reselling the properties. It's all about the title insurance company insuring marketable title.
Thanks, That helps me maintain perspective. I should here back on title insurance tomoorrow. Hopefully we can at lest get a special warrantee deed. I was told we could not get title insurance on a quick claim deed.
A QCD from VA, and others, is common and you can get title insurance. A Special Warranty deed is really no better, at least here, since the seller is only "guaranteeing" title during Their ownership. The title search will determine everything, whether a Warranty Deed, or a QCD.
ok, this is making sense. I'm being told I can get title insurance as normal but it will only be the quick claim deed.
It is safe to proceed?
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