animalfriend
Nov 16, 2006, 06:15 AM
I'm considering purchasing a piece of property in Florida and I have some concerns regarding the deed. The seller purchased unimproved land in April 2001 and obtained a warranty deed. Prior to this, it had a quit claim deed resulting from a transfer in May 1994. Before this, the property had a warranty deed from a sale in December 1988. I don't have specific details on the reason for the quit claim deed in between the two warranty deeds.
The seller improved the land and is offering it at a price of $250k with a warranty deed and insurable title. I have a concern due to the quit claim deed from 1994-2001. Is it possible to purchase a property with a warranty deed and not be guaranteed title? And if so, does title insurance absolutely protect my investment or merely attempt to defend my title? In short, could I end up losing the property and my money?
I'd be putting my life's savings into this property and would enormously value any input.
The seller improved the land and is offering it at a price of $250k with a warranty deed and insurable title. I have a concern due to the quit claim deed from 1994-2001. Is it possible to purchase a property with a warranty deed and not be guaranteed title? And if so, does title insurance absolutely protect my investment or merely attempt to defend my title? In short, could I end up losing the property and my money?
I'd be putting my life's savings into this property and would enormously value any input.