Simple Questions But Need Wisdom Of A Pro
Hello,
I know all are more than likely very busy yet today however I have the opportunity to fill out a Grant Deed for real estate and I have a question that after hours looking on the net I could not get answered as I did not wish to trouble anyone with my seemingly simple question. Certainly there are plenty of knowledgeable folks here I thought. So I as many newbies probably do, am asking for a little assistance. Please.
Briefly: I the Grantee am filling out a Grant Deed (boiler plate) form that purchased as opposed to a simple Quit Claim Deed form. It seem more applicable to this situation. (I am learning) I would like to mail it out today sometime to the Grantor yet in reading it I am slightly confused. The heading of the form says:
RECORDING REQUESTED BY )
AND WHEN RECORDED MAIL TO: )
(As you probably know this is the space
where someones name goes. Whose?...
is my question. Grantor or Grantee (me)
Also another probably simple for you but critical question is... does the Grantor have to have his signature Noterized?
Also does the Grantor have to record this document in the county he signed it in (County "b"
or after signing does he simply re-insert into the self addressed Certified/Registered (pre-licked) envelope and send it to us the Grantee (party) and we then record it in county "a" (the actual county the real estate is situated in)?
Finally is the consideration of "one dollar" acceptable to State. Can the consideration read 1 bannana for example? (perhaps silly but I am curious - as they currently only tax prepared food lol)
So. I will head for the coffee pot and read some of these intelligent postings in hopes that mine might be answered in short. Thank you so much and isn't this site just the most wonderful thing!
As the Grantee the recorded document is mailed to you when recorded.
All recorded documents need to be notarized.
The document need to be recorded in the county the property is located in, not where you or the Grantor lives.
Notarization can be anywhere, (in another state perhaps)
Consideration should be something of value. A fruit could be considered if it were perceived as of substantial enough value as to not seem ridiculous. For example if it were say a truckload of fruit, a $1.00, a pickup Truck or the like. Check with your legal council and tax council of choice. The issues are how the IRS and your state and county or parish tax authority view the consideration with respect to taxation.
Remember the legal issues that can arise are relevant to intent. If you were purchasing a property from someone and the consideration could be considered so low as to invite scrutiny (like say you were taking advantage of someone handicapped or senile) then you are inviting trouble. Make it seem fair and above board.
JBW
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