I was cleaning out the garage the other day and found a box of papers that contained some of my parent’s financial records. One of the more interesting items was the Closing Statement from their home purchase in 1955. The Total Cost of the home was $16,460.02.
The entire closing statement was on one 8.5x11 sheet of paper, a total of 18 lines of text. Other interesting items included a cover letter that instructed them to sign one copy and return it to the bank. No notary required, no verification of identity, just a signature.
The part that struck me the most was the way the document was titled. Only written to “Mr. and Mrs. Joseph Domino". No mention whatsoever of my mother’s name. I was speculating; What if something happened to my mother and my father remarried? Would the new Mrs. Domino suddenly become the owner of the home?
I haven’t had a chance to see how the deed was drafted, it probably doesn’t matter any longer. Today’s world has certainly become more complex. I wonder how my parents would think about the selling and closing process we use in today’s world?
It just goes to show how things have changed over the years.
Joe Domino is a Realtor® serving the Phoenix & Scottsdale metro area. You can follow Joe's real estate blog at From The Outside Looking In or find more great information about Arizona real estate by visiting his website at www.Scottsdale-AZHomes.com