Posted on: 06th Aug, 2010 10:37 pm
I was signing such a flurry of paper work with the notary during the final stages of my refinance that admittedly I didn't read very much.
Today I got something in the mail from "Document Processing Solutions, Inc" which included a "Register of deeds" document from my county, which has a value of $10 listed plus a recording fee of $25 and a "DP" fee of $2
Of greater concern to me, after reading around the internet about "quitclaim deeds" being a document to give up your right to a property (and people getting scammed this way), is the quit claim deed they included with my signature and my wife's signature on it.
However if I'm understanding the quit claim deed correctly, I'm actually transferring the house from myself and my wife, to myself and my wife?? It sounds like maybe because my wife was going by her maiden name at the time (we were not married yet), that they're transferring it to us as a married couple? Though we have already refinanced once before when we were married and so obviously this didn't get changed then.
I'll quote what it says:
THIS INDENTURE made and entered into as of the July 23, 2010, by and between My name) and (My wife's name) (who acquired this title as (my wife's maiden name), a as joint tenants with right of survivorship, party of the first part, and (My name) and (My wife's name), a husband and wife of joint tenants with rights of survivorship, party of the second part.
WITNESSETH: That for and in consideration of Ten Dollars ($10.00) cash in hand paid, and other good and valuable consideration, the receipt and sufficiency of all of which hereby acknowledged, the party of the first part does hereby bargain, sell, release, quit claim and convey unto the party of the second part, the following described real estate, situated in the City of (my city), County of (my county), State of Tennessee and being more particularly described on Exhibit "A" attached hereto and incorporated herein by reference.
Being the same property conveyed to the party of the first part by Deed of record in: Book, Page No. or Instrument No: in said Registor's office
The property is improved with an address of: (my home's address)
x The property is unimproved
IN WITNESS WHEREOF, the party of the first part has executed this instrument as of the day and year first above written.
(Our signatures are below)
"I or we, hereby swear or affirm that to the best of the affiliant's knowledge, information, and belief, the actual consideration for this transfer or value of the property transferred, whichever is greater, is $0.00., which amount is equal to the amount which the property transffered would command at a fair and voluntary sale"
So what gives? Do I need to go talk to a lawyer or does this make sense?
I did this with First Internet Bank of Indiana which I've heard good things about, but still the fact that this was done largely online makes me paranoid.
Today I got something in the mail from "Document Processing Solutions, Inc" which included a "Register of deeds" document from my county, which has a value of $10 listed plus a recording fee of $25 and a "DP" fee of $2
Of greater concern to me, after reading around the internet about "quitclaim deeds" being a document to give up your right to a property (and people getting scammed this way), is the quit claim deed they included with my signature and my wife's signature on it.
However if I'm understanding the quit claim deed correctly, I'm actually transferring the house from myself and my wife, to myself and my wife?? It sounds like maybe because my wife was going by her maiden name at the time (we were not married yet), that they're transferring it to us as a married couple? Though we have already refinanced once before when we were married and so obviously this didn't get changed then.
I'll quote what it says:
THIS INDENTURE made and entered into as of the July 23, 2010, by and between My name) and (My wife's name) (who acquired this title as (my wife's maiden name), a as joint tenants with right of survivorship, party of the first part, and (My name) and (My wife's name), a husband and wife of joint tenants with rights of survivorship, party of the second part.
WITNESSETH: That for and in consideration of Ten Dollars ($10.00) cash in hand paid, and other good and valuable consideration, the receipt and sufficiency of all of which hereby acknowledged, the party of the first part does hereby bargain, sell, release, quit claim and convey unto the party of the second part, the following described real estate, situated in the City of (my city), County of (my county), State of Tennessee and being more particularly described on Exhibit "A" attached hereto and incorporated herein by reference.
Being the same property conveyed to the party of the first part by Deed of record in: Book, Page No. or Instrument No: in said Registor's office
The property is improved with an address of: (my home's address)
x The property is unimproved
IN WITNESS WHEREOF, the party of the first part has executed this instrument as of the day and year first above written.
(Our signatures are below)
"I or we, hereby swear or affirm that to the best of the affiliant's knowledge, information, and belief, the actual consideration for this transfer or value of the property transferred, whichever is greater, is $0.00., which amount is equal to the amount which the property transffered would command at a fair and voluntary sale"
So what gives? Do I need to go talk to a lawyer or does this make sense?
I did this with First Internet Bank of Indiana which I've heard good things about, but still the fact that this was done largely online makes me paranoid.
Sorry, but I don't believe you ought to enter into any such transaction without legal assistance. It's not necessarily too late to get a lawyer to answer your questions, but it sure would have cut down on buying Tums in the meantime.
From what you've entered here, it looks like your suspicion that they're simply transferring from you and your (formerly-named) wife to you and your wife in your current names is true. That's seemingly a harmless methodology to use, but it's a bit obscure, I'm pretty sure.
I have to opine that signing doing things "largely online" is an awful big risk. I guess that's how we do things in 2010 - hope you get a definitive answer soon and that it's favorable to you.
From what you've entered here, it looks like your suspicion that they're simply transferring from you and your (formerly-named) wife to you and your wife in your current names is true. That's seemingly a harmless methodology to use, but it's a bit obscure, I'm pretty sure.
I have to opine that signing doing things "largely online" is an awful big risk. I guess that's how we do things in 2010 - hope you get a definitive answer soon and that it's favorable to you.