Posted by lisaca on 11/5/05 5:49pm
Msg #74646

Purpose of Grant Deeds

I did a signing today that I'm concerned about. The property is in the name of a mother and her grown son. He's refinancing in his name and she's supposed to sign a Grant Deed which states, For a valuable consideration, receipt of which is hereby acknowledged, "Mother", trustee or the successors in trust, under declaration of Trust, February 1,2001 and any amendments thereto an undivided 50% interest and to "Son", an unmarried man as his sole and separate property, an undivided 50% interest.
hereby grants to
"Son", an unmarried man
the following real property -------

Will the mother's name still be on the original deed. She was concerned about it. I told her I wasn't allowed to give legal advice. Shouldn't the loan officer have gone over this with her since he wants her to sign this?

Reply by Jude_MD on 11/5/05 6:15pm
Msg #74650

I would have to see the title deed (how it is now) She should consult an atty. if she owned 50% then it looks to me that she's out. If her trust owned all then maybe she conveyed 50%, and she retained 50%. she should talk to her attorney that structured the trust. I had one once that was owned by an LLC. The mtg co couldn't do a loan to an LLC so the TC put a deed in the package and the LO wrote the loan with the man as the borrower. He noticed/realized what this did and recinded the loan. Well it was investment property so no rtc. however the LO knew what he tried to pull and did cancell the loan. I handled the FIX part of it. I would be careful telling her anything more then to talk to her atty.

Reply by John_NorCal on 11/5/05 7:09pm
Msg #74652

As they say in NY, "Not for nothing" but it looks to me like mother will not be on title, just my opinion from what you describe. As you stated to her you are not allowed to give legal advice, so she needs to talk to title company that drew the deed, and an attorney if she needs to go that far. Just be careful to not give an opinion other than what you have already told her.