Posted by Matt_MPD on March 07, 2002 at 22:35:35:
Allen,
I’m not sure which tips your referring to when you say they are vague, most of what I’ve personally entered and what I’ve read of others, there are alot of people who seem to put their heart and soul into providing as much information as possible.
On the issue of deeds:
In my situations I use either forms you mentioned. In cases where I’ve got a title commitment already I will accept a quit claim deed from the seller. Title commitment from the title company provides for a clean title to the subsequent purchaser and will pay to defend you against any unforseen claimants in the future. (Yes, you want to be covered if possible!)
In other cases where there may be red flags such as non-released bankruptcies etc. against the seller, I require them to sign a General Warranty Deed as well as purchase title insurance. In some cases, if the seller is completely destitute I may even fund the costs involved and provide them with legal representation at my expense but then of course those costs are passed on as either deductions from the payoff or out of the seller proceeds (if any).
If you are looking (physically) at a general warranty deed being used by your attorney you should probably have lines at the bottom that look something like the following:
>the following described real estate situated in the County of _______, in the state of _______, to wit:
SUBJECT TO: COVENANTS, CONDITIONS AND RESTRICTIONS OF RECORD; GENERAL REAL ESTATE TAXES NOT DUE AND PAYABLE AT THE TIME OF CLOSING.
hereby releasing and waiving all rights under and by virtue of the Homestead Exemption Laws of the State of _______. TO HAVE AND TO HOLD said premises forever.
Permanent Real Estate Index Number: ___________
Address(es) of the Real Estate: ___________
DATED this day of__,2002.
________________(SEAL) _______________(SEAL)
The above line(s) with the word SEAL after it is where your seller(s) would sign. (You may need both signatures if there are 2 people or more depending on whom all is on title.)
If there is a second page, that page is usually for the notary to sign, date and seal showing that the seller(s) appeared before them with indentification and signed the document in front of them.
My document also has my attorney’s mail to information, subsequent tax bill address and post recording instructions.
I hope this clears up what is on the documents and how you use it. I know I didn’t walk through the beginning portion but I felt that it is pretty self explanatory.
Happy Investing!
Matt Yohnk
MPD Investments Inc.
myohnk@mpd-investments.com