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You need title insurance to protect your title, but the person who SOLD you the warranty deed should pay for the insurance and provide proof that he or she has obtained title insurance that will pay the costs they will incur if the title is defective.
Otherwise, you're stuck with a worthless warranty deed and may be left trying to sue the seller who has no money to pay for anything, let alone restitution or other damages.
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∙ 16y ago
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Need title insurance?
Yesm, as a buyer of property (even with a warranty deed), you should require the seller to obtain title insurance to back up its claim of ownership. Otherwise, when you receive their worthless ownership in the form of a deed, without title insurance, you might never recover the cost of the property, when it happens to belong to someone else you never heard of. Similarly, as a buyer, you will want title insurance for your own peace of mind; knowing that you won't have to pay to quiet title, or sue the sellers on the warranty, in the event there is ever a dispute. As a lender, you must insist on title insurance, to protect the value of your security interest against seizure by someone with a better claim than your borrower.
Can a Sheriff's deed be converted to a Warranty Deed in order to sell the property?
No. A sheriff's deed has a certain legal meaning that is different from a warranty deed. The meaning also varies according to state laws. You would need to check your state laws to determine what title is conveyed by a sheriff's deed. In Massachusetts a sheriff's deed does not guarantee that it conveys any title. It only conveys whatever interest the debtor may own in the property. Title is not "good" for twenty years when it is acquired solely by a sheriff's deed. A deed from the debtor is needed to perfect title.
Do you have to pay for a quiet title action if a title defect has been disclosed and you acquired your property by a warranty deed?
This is a complicated area of law. You may need to bear the costs if the person who sold the property to you is no longer available and depending on the nature of the title defect.A title problem can exist even if you acquired your property by a warranty deed. The only way to know if you have good title is to have the title examined by a professional at the time of purchase whether you acquire by a warranty or quitclaim deed. If the title examination discloses a title problem that problem is resolved by the seller prior to the closing. A buyer cannot rely simply on a warranty deed for confirmation that the title is clear of any defects.Sometimes a defect is found when that buyer later sells the property and a title problem is disclosed by thatbuyer's title examination. The problem resolved prior to the closing. You may be able to seek your costs from another party if you acquired by a warranty deed and they are still available. However, title defects are often found years later when your seller has died or has moved on. In that case, you must bear the costs of resolving the title defect unless you purchased an owner's title insurance policy at the time you purchased the property.The best investment when purchasing a home is the professional title examination and an owner's policy.
If you get a title comittment do you also need title insurance or does title comittment mean you get title insurance also?
A title commitment is just what it is. It's a commitment. Meaning as long as all of the conditions are met on that commitment, after closing, title insurance will be issued. A commitment is not considered insurance. Your title is not insured until after closing when the new deed and/or mortgage has been recorded. At that point, the title company issues insurance. If you are buying a new home and depending on where you are, you should receive your title policy about 60 days after closing along with either the original or a copy of your deed.
Why get title insurance if one has a warranty deed If you validate that the seller has title insurance then you can lean on him AND his title insurance company to clear up the title issues Right?
You are paying up front for a title search at the time of your sale. The present owner may have liens or judgements on the property and you need to know that they are cleared from the title or it will affect you down the road. Also, they review easements, fences and other basics of your property that may have been encroached on in the intervening time between sales. Basically, he has to pay up judgements/liens before or at the time of closing.
If property lines and warranty deed match how can someone file a lawsuit against you?
They would need to provide evidence that there were errors made in the property description in your deed. The problem may be resolved by a careful title examination of both properties.
What a joint tenancy warranty deed?
Both deeds transfer the ownership of real estate to a new owner. However, they relate to different aspects of ownership.A warranty deed guarantees that the grantor will defend her title to the property if any title defects arise during the period of ownership of the grantee.A joint tenancy deed provides how the grantees will hold title. By virtue of a joint tenancy, the interest of a joint tenant who dies passes automatically to the surviving joint tenant with no need of probate.Both deeds transfer the ownership of real estate to a new owner. However, they relate to different aspects of ownership.A warranty deed guarantees that the grantor will defend her title to the property if any title defects arise during the period of ownership of the grantee.A joint tenancy deed provides how the grantees will hold title. By virtue of a joint tenancy, the interest of a joint tenant who dies passes automatically to the surviving joint tenant with no need of probate.Both deeds transfer the ownership of real estate to a new owner. However, they relate to different aspects of ownership.A warranty deed guarantees that the grantor will defend her title to the property if any title defects arise during the period of ownership of the grantee.A joint tenancy deed provides how the grantees will hold title. By virtue of a joint tenancy, the interest of a joint tenant who dies passes automatically to the surviving joint tenant with no need of probate.Both deeds transfer the ownership of real estate to a new owner. However, they relate to different aspects of ownership.A warranty deed guarantees that the grantor will defend her title to the property if any title defects arise during the period of ownership of the grantee.A joint tenancy deed provides how the grantees will hold title. By virtue of a joint tenancy, the interest of a joint tenant who dies passes automatically to the surviving joint tenant with no need of probate.
Is title insurance transferred in a conveyance of real property?
No. Title is transferred when the owner executes a deed that transfers ownership to the new owner. The deed must be recorded in the land records immediately to be effective against the world.No. Title is transferred when the owner executes a deed that transfers ownership to the new owner. The deed must be recorded in the land records immediately to be effective against the world.No. Title is transferred when the owner executes a deed that transfers ownership to the new owner. The deed must be recorded in the land records immediately to be effective against the world.No. Title is transferred when the owner executes a deed that transfers ownership to the new owner. The deed must be recorded in the land records immediately to be effective against the world.
Does Virginia recognize owelty liens?
Probably not. But, you don't really need one most likely as a Warranty Deed or even a Special Warranty Deed with a Vendor's Lien will accomplish the same purpose. If you are getting divorced and trying to pay the ex spouse their equity, check with the title agent. Then, your mortgage broker needs to understand the transaction and coordinate with the title agent so that the vendor's lien will be paid (rolled in) properly.
Can you sue a title company for not transferring the title in your name We cannot sell or refinace the property now because of this mistake?
Before you try to sue the company, contact your title company and inform them of the error and tell them they need to fix it by filing the appropriate documents. You will learn if they filed the warranty deed and if it was recorded. You should have received a stamped copy of your warranty deed once it was recorded. If they can easily get this resolved, then you do not have issue with the title company. We ran into something similar where a piece of property was recorded with the wrong name. They were able to fix it within about 1 week. Best of luck
Who owns the property with a warranty deed with lien covenant?
The grantee(s) in the most recently recorded deed (any type deed) is the new owner unless that deed conveyed less than a 100 percent interest. In that case, you would need to examine the land records to determine who all the present owners are.
Can a Quit Claim Deed from bank or tax foreclosure be converted to a Warranty Deed?
No. The grantor has the benefit of choosing what warranties they will provide at the time of the sale or the warranties are negotiated by the parties at that time. Once the grantor has executed and delivered the warranty deed to the grantee they cannot take it back to revoke the warranty covenants. The grantee on the deed is the new owner and the grantee cannot make changes to their deed. If there was an error made you need to consult with an attorney as to how it can be corrected.No. The grantor has the benefit of choosing what warranties they will provide at the time of the sale or the warranties are negotiated by the parties at that time. Once the grantor has executed and delivered the warranty deed to the grantee they cannot take it back to revoke the warranty covenants. The grantee on the deed is the new owner and the grantee cannot make changes to their deed. If there was an error made you need to consult with an attorney as to how it can be corrected.No. The grantor has the benefit of choosing what warranties they will provide at the time of the sale or the warranties are negotiated by the parties at that time. Once the grantor has executed and delivered the warranty deed to the grantee they cannot take it back to revoke the warranty covenants. The grantee on the deed is the new owner and the grantee cannot make changes to their deed. If there was an error made you need to consult with an attorney as to how it can be corrected.No. The grantor has the benefit of choosing what warranties they will provide at the time of the sale or the warranties are negotiated by the parties at that time. Once the grantor has executed and delivered the warranty deed to the grantee they cannot take it back to revoke the warranty covenants. The grantee on the deed is the new owner and the grantee cannot make changes to their deed. If there was an error made you need to consult with an attorney as to how it can be corrected.
