On July 6, 2014, Howard Dakoff, Condo Adviser for the Chicago Tribune answered the following question:
"I am contemplating buying a condominium unit that is in foreclosure and was informed that I would receive only a special warranty deed versus a warranty deed at closing. What is the difference?"
He responded: "In essence, the primary difference between a warranty and special warranty deed is that a warranty deed is a seller representation to the buyer that the seller has good title to the property that extends back through the chain of title, whereas a special warranty deed grants the same representation as to title, but limits the time of the representation to the period of ownership of the seller.
As a general proposition, warranty deeds are preferred over special warranty deeds because of the representations extending for a longer period. However, special warranty deeds are standard in foreclosures because lenders are willing to make representations regarding title only during their period of ownership.
To address this differential, it is highly recommended that title insurance be procured when accepting a special warranty deed (or a warranty deed for that matter) to have insurance coverage in case of a claim against title. "
If you are buying a foreclosure property, Bradford Miller Law. P.C. can help you with your real estate needs at a very reasonable rate. We can advise you from a legal standpoint so you can make the right decisions to protect your assets. Our experienced Real Estate Attorneys have been representing real estate clients for several years now and have earned membership in the Better Business Bureau. Please feel free to visit our website for information about our firm and information about buying or selling a home. To discuss your pending or potential real estate transaction call us at 312-238-9298 for a Free 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, Chicago building code violations, Short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
