15 Dec The Pot of Gold
A deed is a method of transferring title to real estate from one person to another. Deeds are necessary in any real estate transaction to legitimize and legalize purchase and ownership of a property. There is a legal description, which is a unique identification of a property. The description may go something like, Springfield Estate Block B Lot E and there is only one Springfield Estate in the county, one block B in Springfield Estate and one Lot E of Springfield Estate Block B. By that there is a specific property being sold from person A to person B for a valuable consideration.
Nowhere in the deed can you find the amount the property was sold for. It does not contain sale amount information. It just says who the seller is and who the buyer is. The seller is also often called the grantor. The buyer is often called the grantee. The grantor gives it to the grantee. The seller gives it to the buyer. The deed specifically says about what it gives to him and what the considerations are, usually something valuable from a few to a thousand dollars, a car, and jewelry, about anything that has value. It doesn’t necessarily have to be money. But usually, the deed says $10 and other valuable consideration.
Aside from the legal description of the property and the valuable consideration the property was transferred to, it has the seller’s signature. ONLY THE SELLER SIGNS THE DEED. The buyer, you, has no business signing a deed. Then there’s notary information. Therefore, if the property was owned by person A, and person A bought it from somebody else, then person A has a document that does not have person A’s signature on it. It has the signature of the person he bought it from. When now person A goes and sells this property to person B, they need to draw up a brand new deed, which basically has the same exact things only that they change the name of the seller and the buyer. Now person A is the seller and person B is the buyer. To sum it up Person A is the grantor; person B is the grantee.
These are the very basic things you need to know about the deed. This is important to know as a Tax Delinquent Investor. Sometimes, we tend to look at the big picture and see the profit at the end of the rainbow, yet we fail to hone in the minute and mundane details. Being observant and knowing of these things can help speed up the process and anything that can speed up the process of the sale can help in getting to the end of the rainbow, the pot of gold of your Tax Delinquent Investment.
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