Pennsylvania Scrivener's Error in Deed
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How to fill out Scrivener's Error In Deed?
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FAQ
As a matter of contract law, a deed must have consideration to be valid. Consideration is defined as something of value given for the deed. Usually the consideration is money, but it could be for services or anything of value. The amount of consideration does not matter.
Consideration. A deed's consideration is the value the new owner provides in exchange for the real estate transfer. Pennsylvania deeds must list the actual consideration either on the face of the deed or within a statement of value (a form described below) submitted with the deed.
There are several different essentials to a valid deed: 1. It must be in writing; 2. The parties must be properly described; 3. The parties must be competent to convey and capable of receiving the grant of the property; 4.
Although a deed does not have to be recorded to be valid, it must be recorded for the following reasons: Provide Constructive Notice: Constructive notice is a public declaration of who the legal owner of a property is. Priority of Recording: Pennsylvania is a race notice state.
Deeds and mortgages and assignments must have certified grantee / mortgagee address; certifications should be signed. All checks must include the account holder's address. The recording and tax checks must be two separate checks, each payable to the "Recorder of Deeds."
Consideration. The buyer's consideration is the cost of the assets acquired. The seller's consideration is the amount realized (money plus the fair market value of property received) from the sale of assets.
This can only be done by recording a new deed showing the change. Many people think they can come to our office and change the present deed on record. However, once a document or deed is recorded, it cannot be altered or changed in any way. A new deed is needed and can be prepared for you by your attorney.