Enter the Dragon!
Happy Chinese New Year
February 10, 2024
Original image from Canva
YOU HAVE QUESTIONS, WE HAVE ANSWERS!
VIVA ESCROW Q & A SEGMENT
(Real questions sent to us – verbatim!)
QUESTION:
If I have an escrow that was opened and the deed was already signed, then escrow cancels and reopens with a new buyer. Can I use the same deed? I don’t normally because of the deed being drawn prior to my new contract. I usually have the seller sign a new one. But this Seller signed this overseas at the American Consulate and is unwilling to go back and have it re-done. Title Company said they are fine with the old one, what are your thoughts?
ANSWER:
No, no, no! I would definitely not use the old deed. The deed is dated and signed in consideration to a previous contract Buyer. DO NOT white out and change the Buyer’s names to reflect the new contract (which has a different date) over the Seller’s signature. I am sorry the Seller has to make another appointment at the American Consulate, I know it is a tedious process, but that deed has to be re-done and re-signed.
EDUCATIONAL MOMENT:
Two things come to mind:
- A person’s signature on a document signifies that they have reviewed everything that is stated and consents to it. I look at the grant deed as part of the contract between Seller and Buyer.
- When can we change the contract if a change is needed?
Any substantial change to the document is a change in the contract and like any other contract, it should be re-signed or amended with signature approval of such amendments.
Let’s say the change is not due to a new transaction with a new Buyer. Let’s say it is a correction of the Buyer’s name or some other typographical error. Can the Escrow Officer make the change on that signed document without having it re-signed and re-notarized? Most Escrow Officers will allow such a change as long as they obtain an authorization from the signer prior to doing so.
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~ Video of the Month ~
Teaching differences between Chinese and Japanese kids
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~ Quote of the Month ~
For those of us who are seniors and think we can still multi task,
“Concentrate every minute on what’s in front of you”
~ Marcus Aurelius ~
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As the Seller or Borrower, do you know what Escrow can or cannot do regarding the disbursement of your net proceeds?
The catch to the disbursement of net proceeds
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You Have Questions? We Have Answers!
Juliana Tu, CSEO, CEO, CBSS, CEI, SASIP
“Escrow is my FOREMOST language!”
Advance Disclosure:
The opinions expressed in this blog are solely the author’s.
Your comments and viewpoints are always welcome.
Info @ VivaEscrow.com