Tax Deeds
Can you pass your tax deed title on too a buyer with a warranty deed if you know for a fact the property is free and clear and title check was done on the property with nothing showing up. Also how do you get title insurance on a tax deed lot.
[ Edited by fed2feed on Date 01/01/2010 ]
You will need to check your state. In Missouri when we finally get deed to the property from the county our state statutes say it will be a fee simple deed. If that is the case you would think we could get title insurance. Companies around here are reluctant to give title insurance with the county fee simple deed. Seems like there are reasons people can come back and lay claim to the property. Someone who is a minor, someone who is incarcerated, someone who is mentally incompetent, etc.
As for giving a warranty deed, no way, ain’t gona happen from me. I give special warranty deeds just like a bank does when it forecloses
Of course we also have the Quiet title procedure here.
You just have to pick your poison.
Bargain King,
Have you heard of a service called title certification process? It supposedly is going to replace the quiet title suit for tax deeds. These companies apparently provide a service called The Foreclosure Due Process Certification. It is the process of certifying the accuracy and completeness of the tax lien foreclosure due process in order to ultimately issue title insurance (by a large national title insurer) for the sale and/or mortgaging of tax deed properties.
Any thoughts? I have just acquired my first tax deed vacant lot property in Punta Gorda and I am thinking of using this service in lieu of quiet title.[ Edited by antmannapoli on Date 05/17/2010 ]
option 1: special warranty deed - guarantees that you, the grantor, did not do anything to damage title, but nothing that happened before. This is useful in case someone comes back to fight your deed.
option 2: purchase title insurances - the title company will examine your case, decide if it is good and then issue a title policy. You can use a regular warranty deed.
option 3: Like people from FL said, you need a quiet title if you are in FL or TX. Then get title insurance and sell with regular warranty deed.