Asked by: Nassera Baldeirasked in category: General Last Updated: 13th January, 2020
Do I need title insurance if I have a warranty deed?
In this way, can you get title insurance with a special warranty deed?
The best way to protect yourself as a buyer is to buy title insurance when you purchase the property. A special warranty deed provides the buyer with some guarantees about title, but it does not offer complete protection. However, these types of deeds can be acceptable if other protections are put in place.
Beside above, does a warranty deed mean there is no mortgage? A special warranty deed is like a warranty deed, but it only covers the time period when the grantor owned the property. It makes no promises about what went on with the property before he bought it. This means that, although the grantor has free claim to the title, he doesn't guarantee that you will.
In this regard, does a warranty deed require a title search?
It's important to note that a warranty deed does not actually prove the grantor has ownership (a title search is the best way to prove that), but it is a promise by the grantor that they are transferring ownership and if it turns out they don't actually own the property, the grantor will be responsible for compensating
Do you need owner's title insurance on new construction?
Construction of a new home has the potential exposure to unique title pitfalls that may impact the lender and owner. Since your lender wants to be sure the property has clear title, they will require that a Loan Policy of Title Insurance be purchased. But a Loan Policy only protects the lender.