Real Estate question

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Real Estate question

when I refinanced my home a while back, there was a timely rewards bonus rider in my closing documents that I signed at the time of closing. This rewards rider entitles me to a 1% interest rate reduction if I maintain a good payment history, as I always have. I received a call a few days later from the title company asking me to discard that document as it was in my closing packet by mistake. My question is, since this document was prepared for my property with my address, etc. at the top and was signed at closing, shouldnt this be a legal binding document? Of course, I did not discard it as the person from the title comany had requested. Any advice you can give would be greatly appreciated. Thank you

Asked on May 12, 2009 under Real Estate Law, Minnesota

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Yup, you may have just received a huge gift.  The title company doesn't have a say in what you discard. Check to see if this document was recorded.  Either way,  you do not need to do anything at this point.  Now, if the title company calls you back and/or the lender or servicer call you or write you regarding this, you will need to make a complaint through the Minnesota Dept of Commerce, under financial services.

http://www.state.mn.us/portal/mn/jsp/content.do?subchannel=-536881744&id=-536881351&agency=Commerce

 


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