Going From Quitclaim Deed To Warranty Deed
I bought a house in forclosure from the owners and they gave me a Quitclaim deed. A lawyer has since done a title search for some buyers whose deal feel through, due to credit.
The title was clean. Now I am wondering if I can give a General Warranty deed to the next buyer based on that title search? Is that a wise thing to do?
I would think that would depend on what the title company was willling to insure.
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Stockpro has it right. When you give a warranty deed you are guaranteeing that you have title and that it is clear. Realistically that guarantee is only as good as the entitity making it. When the title company insures your title they are collecting a fee to put their financial statement behind your gurantee. You would be foolish to make such a guarantee personally where there is such a low-cost alternative available.