CCIM · Des Moines, IA · Member since 2014 · 341 posts · 170 votes
Hello, I am in negotiations to buy an apartment complex and the seller's attorney changed the conveyance on my purchase agreement from Warranty Deed to Corporate Warranty Deed. I wrote my attorney the same question, waiting to hear back... I have purchased several commercial properties, but I've never heard of this conveyance type. The seller owns it in an LLC, not an incorporated entity. Is this just splitting hairs on the attorney's end or is this something that I should include in my PAs from now on? Any reason I wouldn't want to have the property transferred this way?
Property is in Iowa, don't know how much this changes state to state.
CCIM · Des Moines, IA · Member since 2014 · 341 posts · 170 votes
9y
@Wayne Brooks, Thank you for the reply. So, Warranty Deed would still be better for me? The seller has owned it for 15 years...does that make it less of a concern?
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
9y
Here anyway, as long as you have title insurance, we don't really worry about the deed type.....your state may be different. I'm sure your attorney knows.
CCIM · Des Moines, IA · Member since 2014 · 341 posts · 170 votes
9y
"Essentially, a corporate warranty deed is a warranty deed that is given by a grantor that is a corporation. Beyond that, there should be no real difference."