Posted by sans on June 23, 2005 at 01:11:28:
Consideration is leagalese. You Grant someone your interest for consideration (cash, boat ,something of value). Standard language. You should call escrow and make sure they have the 30% $$$ number correct so you could sleep better. I’m sure someone will add a very descriptive post …I’m lazy.
cashout - Posted by noshyguy
Posted by noshyguy on June 23, 2005 at 01:05:36:
I invested in a SFH with a partner in Lake Tahoe, California a few years ago. He has refinanced and is buying my share of 30% (vs his 70%). I live several hours away and would prefer to do this w/o the drive over and back. My partner’s title company suggests I write a letter of instruction indicating that the grant deed is subject to the title company wiring my consideration to my account. What worries me is the original grant deed sent to me by the title company for me to sign and notorize states: “For valuable consideration, receipt of which is hereby acknowledged…” Again, I have not yet received the money yet I am presumably signing over the property to my partner. Is the title companys solution legitimate and legitimate and safe? If not, whats my best course of action? Thank you.
No worries… - Posted by Randy (SD)
Posted by Randy (SD) on June 23, 2005 at 08:46:41:
This is standard contract terminology, your “letter of instruction” must be carried out before the recording of the grant deed meaning once the escrow company has disbursed funds in accordance with the HUD 1 they are free to record the deed. So yes the escrow company’s solution is legitimate and safe.