What should the deed say in an arm’s length real property transaction?

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What should the deed say in an arm’s length real property transaction?

I purchased a real estate property 5 years ago. It is owner financed and we had an attorney do the paperwork for the transaction. In the paperwork I recieved from the attorney after signing and filing, there is form called “Title To Real Estate” with “No Title Examination”, and an affidavit that I signed and is marked as a “Arm’s Length Real Property Transaction”. On the Title to Real Estate it shows alot lower price than on the affidavit. Is this going to be an issue is my question. The owner has been extremely nice and cooperative and I don’t want to cause an issue for him. What should I do?

Asked on July 12, 2012 under Real Estate Law, South Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I suggest that you consult with a real estate attorney about the documents that you received when your purchased the real property that you have written about.

The problem that I see is that you may not have obtained title insurance for this property. The significance is that if there are liens on the property recorded before you took title, you are obligated for these liens and very well could have overpaid for the property.

The deed to the property that you obtained should be a grant deed signed by the owner to you with the former owner's signature on it, the legal description of the property and tax assessor number naming you as the grantee with full ownership interest to it.


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