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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 11884
Experience:  JD, MBA
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My wife and I are considering buying a lot and the seller wants

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My wife and I are considering buying a lot and the seller wants to give us a Statutory Warranty Deed instead of a full Warranty Deed. This Development had been in Bankruptcy and we are dealing with a new developer that we were told bought the note from the bank. What should we do?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 7 years ago.

Hello and thank you for allowing me the opportunity to assist you.

Question: “My wife and I are considering buying a lot and the seller wants to give us a Statutory Warranty Deed instead of a full Warranty Deed. This Development had been in Bankruptcy and we are dealing with a new developer that we were told bought the note from the bank. What should we do?”

Answer: I don’t see it as a problem, provided you have title insurance. The warranty provided with a deed relates to the title, nothing else. A general warranty deed (i.e. a full warranty deed) basically warrants that there are no other claims to the property or liens on the property. A statutory warranty deed basically warrants that the seller has not conveyed the property to another party, and has not created any liens. But if you have a title search conducted, and you have title insurance, then you’re protected anyway. Therefore, if I wanted the property, I wouldn’t hesitate just because of the statutory deed.

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