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what is a covenent deed? i am buying a bank foreclosed house at the closing what type of deed shoul

  • October 25 2012 - Detroit
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Answers (2)

    I would of course consult with a mortgage company first but if I were you go with a special deed otherwise known as a covenant deed. I would choose this because if your buying a foreclosure you won't know the sellers history this deed will protect you from any kind of damage or issue that happened before you bought the house. Good luck! Hope this helps! www.ListTrue.com

 

"Covenant Deed

     The covenant deed is a type of deed that also provides some level of assurance for a buyer of real estate. This type of deed is also referred to as a special warranty deed. Instead of guaranteeing against any type of claim on a piece of property, the seller of a property only guarantees that there were no issues with the property while she owned it. This type of deed does not provide any protection against claims from previous owners.

     The warranty deed is a certain type of deed that can be conveyed to a buyer with certain assurances. The warranty deed will have information like the legal description of the property and the names of the previous owners. The warranty deed provides assurances that the owner of the property has the right to convey it to another party. The warranty deed provides the buyer with assurance because the seller of the property promises to stand behind any claims against the property."



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  • October 25 2012
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A covenant deed is normally what a bank gives you when you buy from them. It says that there were no liens or problems ONLY while the bank owned it. They make no representation about before they owned it. It is more commonly called a special warranty deed in my area.

Tim
  • October 25 2012
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