My question involves real estate located in the State of: PA
I'm looking at a bank-owned property that will only convey a Special Warranty Deed to the buyer.
Investopedia defines a "Special Warranty Deed" as:
...a deed in which the seller warrants or guarantees the title only against defects arising during the period of his or her tenure or ownership of the property. The grantor makes no warranty against defects existing before the time of his or her ownership.
I understand that there's a possibility of something popping up at a later date from an owner prior to the bank, but does this mean that at the exact moment I purchase the property it will be free & clear of all liens and mortgages?
I'm looking at a bank-owned property that will only convey a Special Warranty Deed to the buyer.
Investopedia defines a "Special Warranty Deed" as:
...a deed in which the seller warrants or guarantees the title only against defects arising during the period of his or her tenure or ownership of the property. The grantor makes no warranty against defects existing before the time of his or her ownership.
I understand that there's a possibility of something popping up at a later date from an owner prior to the bank, but does this mean that at the exact moment I purchase the property it will be free & clear of all liens and mortgages?
Delivery of Deed: Special Warranty Deed = Free and Clear Title at Time of Sale
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