Deed with incorrect legal description
Do you need help correcting a mistake in your writing? Contact a real estate attorney at Goosmann Rose Colvard & Cramer, PA to determine the best course of action for your case. We will make sure your real estate documentation is accurate and up to date with the latest regulations.
In North Carolina, property owners generally have three options for correcting errors within property deeds. These include the use of an affidavit of correction, also known as a notary affidavit; re-register the original deed; or use a newly drafted proofreading script. The correct choice between these options will largely depend on the severity of the error.
Unlike the other two options, an affidavit of correction does not constitute an actual change to the original deed. Instead, the affidavit serves as public notification of an error in the reference deed. This option is best for minor typos.
Re-registering the original deed involves making corrections directly to the original document or to a certified copy. For these changes to take effect, the corrected document must meet all local requirements and be signed by the original parties and re-registered.
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Banks, credit unions, and other financial lenders are making secured loans every day. If the collateral for repayment of a loan is real property, the collateral is taken in the form of a deed of trust registered with the Registrar of Deeds in the county where the property is located. Typically, the trust deed is properly prepared and executed, and once recorded, the trust deed becomes a lien on the property that guarantees payment of the debt. If a default on the debt occurs, the property can be foreclosed on.
However, errors may occur when drafting or executing the loan documents. If the deed of trust contains an error, the security of the property is threatened. What is believed to be a secured loan may, in fact, be unsecured due to faulty deed of trust. Most trust deed defects are discovered when a default triggers foreclosure, and the lender hires an attorney to act as foreclosure trustee. The trustee's office will conduct a title search on the property, and the error is discovered. What happens then? Is the deed of trust valid? Does the lender have the lien he thought he had? Many times, the answer is "no". Fortunately, most bugs can be fixed.
Wrong address in writing
Ideally, lenders should double- and triple-check everything before submitting a formal mortgage filing. Unfortunately, mistakes do happen, and an error on your mortgage record can hamper the transfer of ownership, bankruptcy proceedings, and the refinancing process.
Every time someone enters new information into a system, an error can occur. The landlord may fill out paperwork incorrectly or misspell a name. A lender may not realize a mistake or make a mistake himself. The registrar's office responsible for filing deed and mortgage information is often responsible for small errors that cause problems later on.
This type of record file allows owners to reaffirm the information in the pre-existing document, while correcting any errors that were previously made. Depending on the state, homeowners may have to go through a slightly different process to create and refile an executed document.
In some states, courts will allow landlords to file an Affidavit of Correction or Notary Affidavit for clerical errors and other minor errors. This type of amendment differs significantly from a full correction filing, and some homeowners may find the process of filing an affidavit simpler than encouraging a lender and attorney to reopen and correct the original deed.
Correction Writing Form
By creating a deed of rectification, a person can rectify various errors, such as misspellings, typos, errors in the description of the property, etc. A complementary writing can also be created, to make additions or subtractions in the original writing.
And what is more important, the sub-registrar will only accept your application for registration of the deed of rectification, if he is convinced that the error in the original document was inadvertent. All parties involved in the contract must agree to the proposed changes and appear at the office of the sub-registrar for the registration of the deed.
A nominal fee of Rs 100 has to be paid for the rectification deed to be registered at the sub-registrar's office. However, this is true only in the case of minor typing or spelling changes in the original documents. If important changes need to be made to the document, the office may demand a higher stamp duty, recognizing the transaction as a new one.
The law does not say anything about the period in which an error or mistake in any document must be corrected. When any of the parties involved in the transaction realizes that there is incorrect information or typographical errors in the ownership document, they must bring it to the attention of the other party involved in the transaction and have the error corrected, by creating a rectification document.
