Home Buying in Chicago>Question Details

Chad Benson, Home Buyer in Chicago, IL

When a seller offers a "special warranty deed", what does it mean? What does is usually cover? This is for a bank-owned property. Thanks!

Asked by Chad Benson, Chicago, IL Mon Jan 14, 2013

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This is the type of a deed offered when you purchase a bank owned home. Your closing attorney can break down what it mean sin legal terms. In short it is a warranty deed that notates the foreclosure. It is a type of deed accepted by thw title insurance companies and mortgage comaponies for you to be able to get a mortgage,
1 vote Thank Flag Link Mon Jan 14, 2013
best to talk with an experienced attorney James Schultz at 773 680 7426
0 votes Thank Flag Link Tue Jan 15, 2013
Chad,

This is the type of deed that banks offer and that title insurance can accept. I can refer you to a lawyer for the specifics on the different types of deeds.

All the best,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes Thank Flag Link Mon Jan 14, 2013
I would recommend speaking with your attorney about this.
0 votes Thank Flag Link Mon Jan 14, 2013
Special Warranty Deeds are provided by the bank owned homes and means they only warranty the deed since they have owned the property.
0 votes Thank Flag Link Mon Jan 14, 2013
This sounds like a typically deed that comes along with an REO. Have your attorney go over it all with you.
0 votes Thank Flag Link Mon Jan 14, 2013
Chad - your best bet is to check with your attorney. If you havent hired an attorney for your upcoming transaction then this is a great time to make that move.
If you would like a recommendation please feel to reach out at anytime
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Mon Jan 14, 2013
Hi Chad. I'm sure you are going to get some great answers here. It seems you need the services of a licensed realtor. Give me a shout and I can refer you a few great ones.

Sean Cochran
Quality Mortgage Lending
630+470+6830
http://www.qualitymortgage4you.com
0 votes Thank Flag Link Mon Jan 14, 2013
I would ask for it and read it
0 votes Thank Flag Link Mon Jan 14, 2013
Thsat is a legal question so do not believe everything you hear on this site. It is not as good as General Warranty Deed, but typical of what REO's give you
0 votes Thank Flag Link Mon Jan 14, 2013
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