Home Buying in Olive Hill>Question Details

Dinah Edwards, Home Buyer in Grayson, KY

I am wanting to buy a R E O , I ask the bank about the title search, they told me that they would deliver a clear title upon purchase.

Asked by Dinah Edwards, Grayson, KY Wed Apr 20, 2011

It is just land only . But seems like I should know about the property before I purchase rather that after.
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Check to see if they offer a special warranty deed, that is one that banks usually use.

The special warranty deed is not nearly as protective of the buyer as is the general warranty deed. The grantor of a special warranty deed conveys the property with two warranties:

# The grantor warrants that they have received title.
# the grantor warrants, unless noted specifically in the deed, that the property was not encumbered during their period of ownership.

The grantor of the special warranty deed, in effect, only warrants the title against their own actions or omissions. They warrant nothing prior to their taking title. If specifically stated in the deed, other warranties can be conveyed. Special warranty deeds are frequently used by executors and trustees.
0 votes Thank Flag Link Wed Apr 20, 2011
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