Jake RobinsonParticipantFebruary 1, 2019 at 5:14 pmPost count: 99
I sent this to support but thought there may be many others who run up against this and have questions:
I just completed my first two acquisitions and self-closed on both today (Friday, Feb 1st 2019)!
I totally forgot we had DeedPerfect, duh… I was able to get both original deeds and painstakingly created a new one and had the Register check my work. It wasn’t too bad but once I had finished I had an epiphany about Deedperfect and thought I’d compare notes… the verbiage was way less (word count) and seemed more user-friendly. However, I did notice something – on the original, there was a place for consideration where I could enter our agreed upon price.
I found this missing on DeedPerfect. It was a concise 2-page deed which I love but nowhere does it show what we agreed upon. So how is this handled since the seller would likely want to see something in writing, no?
Just thought I’d see how is it handled… what is typical protocol? Do we use the purchase agreement? Is this handled some other way? Thanks for any help clarifying this…Neil HParticipantFebruary 2, 2019 at 6:08 amPost count: 95
My understanding is that it really depends on the local customs and requirements of specific counties. I agree that it makes sense to include the price, but this isn’t done (or it’s altered to $10) in some counties. In others, an affidavit of value is included with the deed as an addendum when it’s filed.
I like Deeds.com since they provide country-specific templates and include the addendums for free with the purchase of the deed. The advantage of DeedPerfect is that it’s free.Kevin FarrellModeratorFebruary 2, 2019 at 10:08 amPost count: 900
Never put the purchase price on the deed. Some recorders will even kick the deed back to you if you have the purchase price on the deed. The amount shown is part of a customary phrase still used in many counties ” . . . . .For good and valuable consideration of $10 . . .” You can Google that to learn all about why that phrase is used in legal contracts. I get so much flak about it from buyers and sellers that I have eliminated the “of $10”. The purchase price can be reported in a affidavit where the county requires it. This information is what the assessor uses to update their valuation of the property.Jake RobinsonParticipantFebruary 3, 2019 at 12:41 amPost count: 99
Kevin & is a Neil,
That problem is Tennessee counties require the amount because we have a transfer tax – and the county wants to know what the consideration is in order to calculate recording fees. Guess I can get run it through a pdf converter to edit the doc.
Maybe it is considered an addendum as the sellers on the deed (example of the husband/wife)
They would both sign and have sigs notarized then further download there isn’t an AFFIANT signature whichever could be either buyer and this is where consideration is documented.
Maybe I need to check with authorities today be surely. I would rather not disclose what I paid that gets recorded because if I’m selling sissy a neighbor they could just wait until I found a record the deed and see what I paid and negotiate from that standpoint or Worse get pissed off and just decide not to purchase because they think I’m taking advantage of themNeil HParticipantFebruary 3, 2019 at 7:06 amPost count: 95
Again, it really depends on the county. My experience in Colorado (limited to Park County) has been that the sale amount appears directly on the deed. This was true even when I used a title company.
In Navajo County, AZ, it does not — it’s “For good and valuable consideration of Ten Dollars ($10.00)…”
What do the vesting deeds say on the properties you’ve purchased? Do they show the previous sale amount?
Also, as long your properties are a great value, no one should really care how much you paid for them as long as they know they’re getting a great deal too.Kevin FarrellModeratorFebruary 3, 2019 at 8:43 amPost count: 900
Neal and Jake – My lesson learned here – never say Never. Thanks for clear examples of states where we do have to put the actual sales amount on the Deed.
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