Posted by JT-IN on June 20, 2007 at 05:11:52:
$
the deed? - Posted by Robert Hammett
Posted by Robert Hammett on June 19, 2007 at 15:19:08:
Hi, When doing a short sale, how do you get the deed to the property? Is it a new doc? should I file it asap with the county? Hope this dont sound like a stupid question.
All Deeds are NEW docs - Posted by JT-IN
Posted by JT-IN on June 19, 2007 at 15:39:41:
Rob’t:
Each time a Deed is drawn up and signed by the seller, the doc is scanned and recorded at the county courthouse. From that point on, that Deed is a worthless piece of paper.
When the title is conveyed from seller to buyer a NEW DEED is drafted, usually by an Atty or Title Co, and when signed by the seller in the presence of a Notary, that new deed is then recorded at the county courthouse. Likewise, once recorded that Deed is a worthless piece of paper.
Unlike auto titles, which are a negotiated piece of paper, Deeds are not. Once recorded they are considered “of record”, which means that anyone can research the county records and obtain who the rightful owner is…
My advice is, since this is not front brain knowledge to you, definitely have someone else draft the deed, have it signed by the seller and have the expert do the recording. Also obtain an opinion of title along with insurance that the title is clear. This will keep you from committing an expensive error.
Good luck on it.
JT-IN
Re: All Deeds are NEW docs - Posted by bob
Posted by bob on June 19, 2007 at 16:36:29:
Thanks, I dont have any deals. Im just trying to educate myself on what short sells are. I get alot of info from this site! Thanks again!
Worthless piece of paper? - Posted by Bob In Indy
Posted by Bob In Indy on June 19, 2007 at 17:54:48:
Far be it to disagree with JT…but—
Keep the original whenever possible.
It sure helps when we check for forgeries.
The scanned copy frequently will not show up some
of the issues we use when a ‘harmed’ party claims that the deed was forged.
Having an original, notarized version of the deed that was recorded can assist in forgery cases.
AND
We’re getting many requests for authentication of deeds.
Seems the heirs to the baby boomers fortunes may not be so honest!
Re: Worthless piece of paper? - Posted by Bob
Posted by Bob on June 20, 2007 at 04:56:03:
Is the main reason for obtaining and recording a deed right away, to keep seller from negotiating with several other investers?
Re: Worthless piece of paper? - Posted by John Corey
Posted by John Corey on June 20, 2007 at 04:12:23:
Bob,
Who is the we in “when we check for forgeries”?
I never get the originals and do not keep there generally. I likely have
them in a box somewhere but…
I depend on the title insurance.
Maybe not the best policy. Educate me as to the gaps.
John Corey