Posted by John (OH) on June 03, 2000 at 08:54:46:
Ben, try different Title Companies, you should be able to get Title insurance on these.
Question on Special Warranty Deed. - Posted by Ben (OH)
Posted by Ben (OH) on June 03, 2000 at 08:15:57:
Mortgage company has a $40K first on vacant, abandonded property. According to Realtor the previous owner has died with no apparent heirs. Bank has not foreclosed and are not on deed. However, they will issue a special warranty deed upon receipt of $4500. I realize a special warranty deed only conveys the interest of the grantor. However, an investor I work with is willing to buy the deed and rehab the house. Besides the obvious risk of lack of insurance and potential future claims on the property are there any other apparent risks? Has anyone had experience in this area? Thanks
Mtg Co. can’t issue Deed - Posted by Bob H
Posted by Bob H on June 03, 2000 at 15:39:25:
If the Mtg Co hasn’t foreclosed and is not in title, it cannot transfer ownership of the property. It can assign it’s Mtg or TD, but the assignee would then have to foreclose to obtain title.
BTW, I think you are confusing a Special Warranty Deed with a Quit Claim. A Quit Claim transfers whatever interest (if any) the Grantor has, without any warranties; a Special Warranty Deed provides all the same warranties of a General Warranty Deed, but only for the period of grantor’s ownership.