Deed

JamieJuly 13, 2011

Looking at a foreclosure. Never looked at one before.

The deed to be conveyed is a "special or limited warranty deed". I don't understand the property rights conveyed with this type of deed, but it must be something less than with a regular deed, which would be the normal, preferred kind.

Does a financial institution routinely degrade the deed when they foreclose and sell?

Thank you for reporting this comment. Undo
brickeyee

"The deed to be conveyed is a "special or limited warranty deed". I don't understand the property rights conveyed with this type of deed, but it must be something less than with a regular deed, which would be the normal, preferred kind.

Does a financial institution routinely degrade the deed when they foreclose and sell? "

It is only degraded in terms of how far back the conveying entity is taking responsibility for the chain of title.

A general warranty deed conveys title and warrants against ALL claims against the title as far back as title has existed.

A special warranty deed is used by executors of estates and lenders who foreclose and only warrants against defects for the time the entity had possession of the property.

Get an owner's title insurance policy, with inflation clauses for future increase in value of the property.

    Bookmark   July 14, 2011 at 9:33AM
Sign Up to comment
More Discussions
What qualifies an offer as a "low ball"?
Hello! Im on the house hunting side of things now! I...
karin_2015
pros/cons of first floor master
I've looked at several newish (1990s or newer) homes...
hairmetal4ever
Considering downsizing Advice desperately needed!
Have you downsized? I could use your input. Desperately...
jcorn1
Off market for 6 days, why? ncrealestateguy?
Hello, long time lurker, first time poster. I hope...
heather483
Home Buyers Please Vote: Would you rather ...
1. A $2,000 kitchen appliance allowance or any stainless...
belfastbound
Sponsored Products
'Superhero Headquarters' Framed Wall Art
$47.99 | zulily
Historica Desk Caddy
| Dot & Bo
ZinZig Wine Tasting Trivia Game
$24.99 | zulily
Wired Wool Rope
$12.99 | zulily
3D New York City Monopoly by Charles Fazzino
$499.00 | FRONTGATE
© 2015 Houzz Inc. Houzz® The new way to design your home™