Warranty Deed vs. Quit Claim Deed

[Zain B.]

Hello BP

I am a new investor looking for some help. I have a property under contract which is foreclosed. "Title to the property will be conveyed by either Special Warranty Deed or Quit Claim Deed, or equivalent documents accepted where the property is located". Seller is a bank and has advised me that if I use their title Company (which I checked and the reviews are good) will provide owner's insurance policy at the expense of the seller.

I understand that I will not receive any legal advice here but this is a cash deal and a foreclosed property with good equity. Is it common to get a Special Warranty / Quit Claim Deed in a foreclosure process? 

Should I be worried about the Quit Claim Deed part of the clause above or am I over reacting?

Any help you can provide will be much appreciated. 

[Dustin Haviland]

@Zain B. I would say you are overreacting. If the foreclosure was done correctly, you should be fine to receive a Special Warranty Deed and an Owner's Policy. Since you are dealing with a bank there will be additional verbiage as safeguards built into the contract to make sure the bank is protected.