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Important points to consider when
buying land. Deeds & Title Insurance There are two basic types of deeds: warranty and quitclaim. A warranty deed contains personal covenant or "guarantees" that title is good. A quitclaim deed simple transfers whatever interest, if any, the seller has in the land. There are no personal covenants or "guarantees" of good title in a quitclaim deed. Obviously, a warranty deed is preferable. Many people elect to purchase title insurance to provide additional protection in the event of future title difficulties. Title insurance is relatively inexpensive and can be purchased through your real estate attorney or closing agent. It is a good idea to consult with your attorney to determine if title insurance is right for you. |
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