Auction.com deed question

[Chris Seveney]

I am looking at a property on auction.com and the terms are: Buyer may receive a Special Warranty Deed or equivalent if Buyer is able to purchase title insurance without delaying the closing (title fees typically cost between $500 and $1500 and are based on the purchase price of the property). If buyer does not purchase title insurance, buyer will receive a Quitclaim Deed or equivalent, with no express or implied warranties of title. Property is in Virginia. Do I need to do my own title search on this property prior to bidding ? I am wondering if this type of deed will be free and clear of any and all liens Thanks

[Roger Lin]

Interesting! I would engage a title company to do it. Since this is not a foreclosure auction, the process does not "clean the slade", I would want to be sure that the title is marketable and you can purchase owner's title insurance at a regular rate. If this isn't a condo, I would also get a boundary survey, you don't want your title work to include survey exceptions. Special warranty deed is not the best but it is good enough and generally insurable. Quitclaim is essentially saying, "I will grant you whatever rights I have to you." This may mean really good title, absolutely nothing and anything in between. 

Depending on the county, it may only take a few minutes of electronic search and an hour of attorney review time. Let me know if you need a referral. 

Roger