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Updated over 11 years ago,
auction.com Quit Claim Deed vs Special Warranty Deed
I'm looking at a couple of properties on auction.com.
Here is what I know about a quit claim deed... you have ownership of the property but are liable for any liens or mortgages outstanding on the property.
Special Warranty Deed... you have ownership of the property and are guaranteed no issues for the period that the previous owner was in possession of the property but not if there are any liens or mortgages outstanding that predate the owner before you.
What kind of red flags should I look for in a property from auction.com that offers a quit claim deed vs one that offers a special warranty deed. None of the properties I'm interested in offer a general warranty deed.