I would love to have auction experts' opinion. I am currently looking at an auction property, and I noticed the ownership information stated two documents:
1. Texas General Warranty Deed with Vendor's Lien (Original Petition for Divorce dated 09/10/2015 recorded in Instrument)
2. Warranty Deed with Vendor's Lien
I only see one mortgage on the account, and there is a Judgement and Lien Information with a few thousand dollars.
1. If I purchase this house, am I purchasing as the buyer of the warranty deed? or am I purchasing this as the new "Vendor" (as I am buying out the loan)
2. The lien with a few thousand dollars on the property: am I paying for it after I purchase the property? or will the seller be paying for the lien?
@Helen Zhang . I'm far from an expert on deeds, but my understanding (of Texas Foreclosures) is if you are buying from a Bank Auction, all the Liens should be cleared, and you'll most likely receive a "Special Warranty Deed" if buying in Texas. Other states may have different instruments of conveyance.
To add to Jim, if this is constable auction, all liens should by cleared except federal liens.