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  • #5938

    Josh George
    Participant
    Post count: 42

    @admin
    @lake17
    @luketsmith

    I know in the program, Jill says to start marketing the property the day you get the signed and notarized deed back from the notary (actually she said to start the day you get the recorded deed back but according to the little note that pops up it says the “signed & notarized” deed so correct me if I understood that incorrectly).

    The reason I ask is because I recently purchased a property, got the signed/notarized deed back from the Notary and sent it in for recording. I was going to start marketing it but I got a letter from the county a week later that said it wasn’t recorded in my name due to some wording issues on the deed (the seller was supposed to be the “Trustee” and not the “Grantor” that I originally had them as). Lesson learned. So with that said, it makes me a little hesitant to market the property until I get the recorded deed back from the county?

    Any input would be greatly appreciated. Thanks.

Viewing 5 replies - 1 through 5 (of 5 total)
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  • Claire
    Participant
    Post count: 138
    Pro

    Hey Josh,
    For me, it’s a judgment call based on my confidence. Right now, I’m waiting until I have recorded deeds, especially on the bigger properties, after having a couple of deeds bounce back. (Although as some have experienced, the county can still screw up, you can have a recorded deed, but not actually own the property because of their overlooking a mistake (of yours or in earlier deeds)). If there is a mistake, you would have to correct with the original seller and the county. That’s enough of a pain, but if you’ve already deeded/sold it to someone else, then you have a 3rd party you need to correct everything with. I just don’t want to do that right now, and I’m comfortable waiting for the deed to come back.

    Alternatively, you could advertise the property, and if you have an interested buyer, disclose immediately that the deed is out for recording.

    If you have really simple deed that you’re confident in, I think it’s okay to start advertising. The deal could get killed by a title company; for one of mine, a title company said the property wasn’t in my name according to the county and the buyer didn’t like that.

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    @joshgeorge
    If it’s recorded is different than if it is owned. You own it when the seller signs it over. The recording lets everyone know the transaction has happened.

    When people sign a deed or contract or whatever that is for some entity like a trust or a company they should be signing as who they are to that entity. In this case it sounds like they should be a trustee.

    Sounds like someone should add a title of the signer line after the signature above or below the signature like “Trustee for the smith family trust dated January 1 1900”. Customize the title to meet your scenario. If it is a company then you put President of His Company Inc. or similar to match the title of the entity.

    This is not legal advise, an attorney would probably tell you to start over and get it right next time.

    Josh George
    Participant
    Post count: 42
    Pro

    @lake17
    @luketsmith

    Thanks for the input guys. I understand that I technically own the property once the seller signs it over but I just hate to advertise it and find a buyer and then find out that the property isn’t actually in my name yet. Once I get more comfortable with creating deeds and better at not missing little details like the one I described above, I will probably just start marketing the properties as soon as I get it back from the Notary.

    Luke, that’s a great idea with the “title of the signer” line below the signature line. The buyer said that he had a trustee for the property at one time, but they resigned from being the trustee years ago so he was the only one able to sign off as the “grantor”. Plus, he said that he is an ex Realtor of 40 years so I assumed he knew what he was talking about. But that’s my fault for not verifying the details.

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    You might want to ask for the signature page of the trust or the powers of the trust. Basically says who can do what like sell assets held in the trust. When you are new at dealing with trusts it is better to just ask for a copy of the whole trust. Lots of people don’t like to share their whole trust others think is is easier than picking out pieces of the trust to send over.

    Keep it on file for some day questions.

    I like to see that so I know how to title their name. Put that in there before they even sign it that way you are not adding on later.

    Josh George
    Participant
    Post count: 42
    Pro

    @luketsmith

    Good call. I’ll keep that in mind next time I come across a deal involving a trust. Seems to often be the case with a lot of these types of properties.

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