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WALLSTREETESQ
WALLSTREETESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 17128
Experience:  10 years, Real Estate litigation, represent the UFT, NYSID, AFL-CIO, PPD Network Attorney
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I have applied for a home equity line of credit. My husband

Customer Question

I have applied for a home equity line of credit. My husband died several months ago. We owned the house jointly. I have since had the deed registered in my name only. Now the bank is asking me for a Warranty Deed. I've looked at the form and it seems to be designed for the sale of the property. I'm not selling the house. I'm asking for an equity line of credit. I know I'm missing something so hopefully you can fill me in on why the bank needs a Warranty Deed for a home equity line of credit.
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  WALLSTREETESQ replied 5 months ago.

A warranty deed, offers more protection than a simple quit claim deed, it is often the preferred deed for lenders,

Expert:  WALLSTREETESQ replied 5 months ago.

A Warranty deed is a type of where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer).This is in contrast to a quitclaim deed, where the seller does not guarantee that he or she holds title to a piece of real estate.A general warranty deed protects the grantee against title defects arising at any point in time, extending back to the property's origins.A special warranty deed protects the grantee only against title defects arising from the actions or omissions of the grantor.

Expert:  WALLSTREETESQ replied 5 months ago.

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Expert:  WALLSTREETESQ replied 5 months ago.

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