What happens if a name is misspelled on a deed?
Usually, a deed with an incorrect name can be corrected by recording a new deed granting the property to yourself: “Clarissa Dalloway, who acquired title as Clarisse Dalloway, hereby grants to Clarissa Dalloway.” This makes the chain of title clear so that you can resell or refinance the property without any confusion.
What is a correction deed?
A corrective deed is an instrument filed in the public record in addition to the incorrect deed. It’s known as a confirmatory instrument since it perfects an existing title by removing any defects, but it doesn’t pass title on its own.
Does the mortgage company hold the deed to your house?
While you have a mortgage, the lender has rights to the property title until the loan is paid. If you buy a home without a mortgage, the real estate attorney or title company records the deed and issues a copy to you. This ensures proper completion of the document request and payment of appropriate fees.
Can deeds be amended?
agreements are often deeds, and a document that amends an operative part of another document required by law to be a deed must also be a deed. However, a deed can be amended by a simple agreement so long as there is consideration for the amendment and the deed itself does not require the amendment to be made by deed.
What is an error in a recorded deed?
An Error in the Legal Description of the Deed. One such post-closing issue that may arise is a mistake in the recorded deed. There are several examples of what constitutes a mistake in the recorded deed; one of the most common being an error in the legal description of the property being conveyed.
What happens if you make an error in the legal description of a property?
An error in a legal description of a property has consequences. It can affect taxes. As lenders extend loans based on a percentage of the property’s appraised value, footage mistakes can sink a loan approval. If the error is neglected, disputes can arise later, and they can become the stuff of nightmares.
Can a wrong lot number lead to a defective deed?
With a property conveyed for purchase, it is with little difficulty that a deed may sustain a mistake in the description in the documentation. This issue creates a defective deed and will impact the chain of title negatively. A wrong call in the metes and bounds or a lot number mistake could lead to problems.
What is an example of an incorrect deed?
An Error in the Legal Description of the Deed. Some examples of an incorrect legal description in a recorded deed include, but are not limited to, a wrong call in the metes and bounds legal description of the property conveyed, an incorrect lot number in a platted legal description, or an incorrect plat book reference.
