Posted by John Merchant on January 13, 2003 at 09:31:00:
Hm, sounds like you’ve already done your deal, without title policy. Not a good practice normally, although you may be OK with your deed.
Since at some point you’re going to want to sell the RE, I’d suggest you go ahead and order a title search now from a local title company to see what, if anything, might be further needed from seller. It will cost you some few dollars.
Your seller being 74, it might be fair to think he’s not going to live forever, and you’d be much better off finding any title problems that he and you can solve today… rather than waiting until you have to deal with them alone.
Posted by mike from kcmo on November 20, 2002 at 14:44:25:
I have found some propertys that i am looking for the owners of.In searching the public records on line,I have noticed that some have a warranty deed recorded.Being a “newbie”,I’m not real sure what a warranty deed is or what this means as far as pursuing the purchase of these propertys.Any help would be greatly appreciated!
Posted by John Merchant on December 15, 2002 at 18:25:28:
Warranty deed just means some other Seller guaranteed the title to present or former owner.
However, no matter what the present owner got, that doesn’t affect you at all. When you buy, you need to demand Title Insurance and if that’s supplied, along with a WD to YOU, you don’t need to care or concern yourself with what the present owner got, or didn’t get.
Posted by Trena Herring on January 13, 2003 at 05:43:51:
I looked up warranty deeds and came across this person’s question and your reply. I just bought some land and after asking him about the title insurance as recommended above, he replied, “WARRANTY” DEED IS THE HIGHEST LEVEL OF DEED USED.
IT BASICALLY IS GUARANTEEING THE TITLE AND OWNERSHIP CHAIN.
THESE PROPERTIES WERE OWNED FOR MANY YEARS BY THE SAME PERSON.
THE REAL ESTATE MAN THAT DID THE TITLE SEARCH AND DEED WORK HAS BEEN IN THIS BUSINESS FOR 50 YEARS (HE IS 74 YEARS YOUNG AND VERY ACTIVE
Is this o.k. or is it a red flag? and what now as i have already purchased this parcel