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Thus, if Oscar purports to sell a piece of land to Alice for $100,000, and the next day purports to sell exactly the same piece of land to Bob for another $100,000, then whichever of the two buyers is the first to reach the recording office and have the sale recorded will be deemed the owner of the property.
The journey of buying a property is incomplete without property registration; you need all the necessary documents before the property can lawfully be yours. While there is a contract between you and the seller, a change of ownership only occurs after the property is legally registered under your name in the government's data.
Rectification is available if the parties intended to give effect to the whole of an antecedent agreement in the written contract and, by common mistake, they failed to do so. [3] However, the existence of an antecedent agreement is not essential to the grant of relief by way of rectification. [3]
It's generally possible to transfer ownership of a house using a quitclaim deed or by preparing a new deed and filing it with the relevant authorities, with particular requirements varying by state.
Advance Notices are designed to address the gap risk, the risk that an unregistered grantee of a deed (the applicant) must run after the deed has been submitted to the Land Register for registration but registration has not yet been completed (i.e. the Keeper has not accepted the deed and entered it into the Title Sheet).
Here’s why you should check with your county’s Register of Deeds Office and figure out if you can sign up for fraud alerts. Complete stranger obtains deed to $4M Raleigh home without homeowner ...
The Register of Deeds is not required to verify the legal validity of a deed when it is presented for registration, nor are they required to verify the credentials or legal standing of the notary ...
The risk of loss is then transferred to the buyer – if a house on the property burns down after the contract has been signed, but before the deed is conveyed, the buyer will nevertheless have to pay the agreed-upon purchase price for the land unless the seller in possession or deemed in possession has failed to protect it. Such issues can and ...