Stray Deed Abstract Contract Purchase Real Estate Idabel OK
It's almost time to close the purchase of your new home.
- The abstract has been brought up to date.
- The attorney's opinion has been finished and sent to the loan officer.
- All that remains is to schedule closing...but wait a minute....
- There's a stray deed in the abstract!
UH OH!
Although we were fairly certain that the sellers had not filed anything to cause a title issue since they want to sell the home in Idabel OK, someone else has filed something. Stay Deed Abstract Contract Purchase Real Estate Idabel OK
IT'S SOMEONE THAT DOES NOT
HAVE ANY LEGAL INTEREST IN THE REAL ESTATE!
Stay Deed Abstract Contract Purchase Real Estate Idabel OK
We have found that most of the time, in past transactions that we've handled, the Attorney who prepared the Attorney's Opinion from reading the abstract has recommended that a stray deed be cleared up by:
- Getting a corrective deed from the one that had signed the stray deed. OR
- Getting a quit claim deed signed from the person that has been deeded the property in error. Primary option if the grantor is no longer available to sign a corrective deed.
- If neither one of those things can happen, sometimes an affadavit has been prepared.
- Stray deeds or stray instruments granted by someone who has no legal interest in the property do not grant title to them, since they are not in the chain of title.
Remember, I'm not an attorney and cannot give legal advice. I'm just telling you the way it's been handled in the past.
BUT what about my contract.. the closing date is today? When I prepare your contract to purchase, there's a standard 30 day extension built in to your purchase contract to allow the Sellers time to correct title issues. SO your closing date is automatically extended by 30 days. Integrity Real Estate Services's agents use standard Oklahoma contracts. Stay Deed Abstract Contract Purchase Real Estate Idabel OK
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