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Old 01-30-2010, 10:00 PM
 
52 posts, read 192,541 times
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Title says it all. The lender foreclosed, then marketed the property and I signed a P&S for it at a price I thought was fair. My title attorney was given a quitclaim deed. I will be getting owners title insurance.

Thoughts? What type of deed (Warranty/Quitclaim) is more commonly provided with a foreclosed property and will it affect me selling the property later on down the line?
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Old 01-30-2010, 10:08 PM
 
Location: Colorado Springs, CO
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A quit claim deed is meaningless without a clear title. You said you will be getting title insurance. I assume you will be getting the title insurance at closing?? Hum. If the lender was in title, I usually expect a general warranty or special warranty deed. I'm glad you have an attorney to oversee this for you.
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Old 01-30-2010, 10:19 PM
 
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I just bought a foeclosure in AZ and was given a "Special Warranty Deed."
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Old 01-30-2010, 10:54 PM
 
52 posts, read 192,541 times
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My attorney already has got the title insurance policy ready to go at closing.

What I am really wondering is if the quitclaim deed (vs warranty) affects the desireability of the property if we should ever decide to sell? Also if there are any other issues we havent thought of yet.

Quote:
Originally Posted by MMichelle View Post
A quit claim deed is meaningless without a clear title. You said you will be getting title insurance. I assume you will be getting the title insurance at closing?? Hum. If the lender was in title, I usually expect a general warranty or special warranty deed. I'm glad you have an attorney to oversee this for you.
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Old 01-31-2010, 12:19 AM
 
845 posts, read 2,190,314 times
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I aquired a property through the tax lien process. My lawyer sued for quiet title. He assured me I would have an "insurable/sellable title" and, indeed, it was; a treasurer's deed, free and clear.
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Old 01-31-2010, 08:27 AM
 
52 posts, read 192,541 times
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Is a quitclaim deed gonna also be "insurable/sellable title"? Well it's apparently "insurable". But that leaves the OP original question unanswered .... should I be concerned in any way with a quitclaim deed on a foreclosed house I buy?
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Old 01-31-2010, 08:31 AM
 
Location: Marion, IN
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As a buyer I would not purchase a property without a Warranty Deed or a Title Deed.
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Old 01-31-2010, 08:31 AM
 
Location: Cary, NC
39,071 posts, read 67,705,216 times
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Quote:
Originally Posted by JerryKV View Post
Is a quitclaim deed gonna also be "insurable/sellable title"? Well it's apparently "insurable". But that leaves the OP original question unanswered .... should I be concerned in any way with a quitclaim deed on a foreclosed house I buy?
My understanding of "quit claim" is that the grantor grants the grantee all of the grantor's claim to the property.
I'm in North Carolina.

You are in "Attorneyville."
Pure and simple.
Get legal counsel on your possible exposure.

A clear and insured title is a must, though.
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Old 01-31-2010, 09:12 AM
 
Location: Just south of Denver since 1989
11,576 posts, read 31,886,166 times
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Where I am in Colorado a quit claim deed transfers any ownership (if the grantor has any) to the grantee.

A special warranty deed protects the grantee from the time the grantor took ownership.

a general warranty deed protect the grantee from the beginning of time.

The type of deed you receive at closing is not necessarily the same deed you give when you sell.
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Old 01-31-2010, 01:27 PM
 
52 posts, read 192,541 times
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why not? can you expand on this? if any issues found in the 40-year title search is cleared up, and title insurance is provided to me as buyer, why not take a quitclaim deed if thats what the seller (bank) is willing to provide?

thx

ps yes I have a title attorney representing me



Quote:
Originally Posted by Racelady88 View Post
As a buyer I would not purchase a property without a Warranty Deed or a Title Deed.
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