A deed is a legal instrument that is in writing and allows for an interest in real estate to be passed from one individual to another. Once you have become the new owner to a deed, you will have all the rights that are associated with it. However, there are some cases where you intend to purchase property and the seller discovers that a deed was never recorded. If this is the case, you'll want to speak with a real estate lawyer about how to move forward.
The Consequences of Not Recording a Deed
When a deed has not been recorded for a property, it can become difficult to determine who owns the property. There might have been a clerical error, the property might be very old, and the deed was simply never recorded.
Not having a deed recorded can interfere with your ability to purchase the property because you might not be able to secure a mortgage. The mortgage lender will require that the borrower have the deed to the property. The lack of a recorded deed can also create further complications if there are any liens placed on the property.
You May Still Purchase Property Without a Recorded Deed
If the deed is not recorded, you may still be able to purchase the property. However, you will need to prove that you have received the deed from the previous owner. It's simpler to buy and sell a property when you can have the deed to the property recorded with the help of a real estate lawyer.
Consult with a Real Estate Lawyer
A real estate lawyer will help you understand what is required as you have the deed recorded. A real estate lawyer will also help make sure that you protect your interests as you are having the deed recorded by explaining the recording laws of your state.
The real estate attorney will have the deed recorded at whichever government office is required to do so within the state in which you reside. A deed is created for its intended purpose and must be appropriately formatted while following state guidelines.
The deed must convey either real property or an interest in property to an individual. It must also include all covenants and warranties. Anyone can create a deed, but a real estate lawyer will be able to create a deed that can then be recorded and will be considered valid.
Reach out to a firm such as the Law Office of Steven Kurlander to learn more.