Newbie had Deed question

[Kaci Hunter]

A house I'm interested in buying is 6 years behind on taxes. Additionally, when checking with the appraisal district, the deed says "warranty deed/vendor lien." What does this mean? I'm new at this and ignorant. Speak in laymen's' terms, but be detailed, please. Also, I'm not sure if I want to wholesale or fix and flip. So the typical formula is 70 % of ARV- repair costs, but how do you factor in back taxes and liens...?

[Don Konipol]

A warranty deed is either a special warranty deed or general warranty deed.  General warranty deed means that the grantor warrants the title from the beginning of time through the said title transfer.  A special warranty deed is where the grantor warrants the title from when it was transferred to him through said title transfer.  The most common kind of deed other than warranty is quit claim, in which the grantor is transferring title with no warranty of his ownership.

Don't get too hooked up on previous title transferred as the use of title insurance in your purchase will move the risk of good title to the title insurer with the result that the insurer will likely clean up any title issues prior to issuing a policy.

In most jurisdictions vendor lien means that a reference to a mortgage or deed of trust is made in the actual warranty deed.  This is usually, but not always evident in seller financing.