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Updated about 6 years ago,
Would this be a possible transaction?
Hi BP,
Is it possible for the following to take place? Mary's attorney drafts a deed running to Mary's friend Mike and records it. Mike takes title to the property with no guarantee to clear title. However he did hire a title examiner and is aware there are liens on the property but plans to pay them off at a later date. In the abstract of title there were no mortgages found.
It was my understanding that title can transfer outside a closing table as long as the deed is a written instrument, has a legally competent grantor, the grantee is identifiable and alive, there is a recital of consideration, there is a granting and habendum clause, the deed has a legal description of the property, there is a valid grantor signature, it is notarized ( for recording purposes ), and there is delivery and acceptance.
If the deed was legally valid, could the transaction with Mary and Mike take place?