P.I. "Cobra", feels confident there will be a break in case soon #2

[keaska]

And love and affection is when you give it away to family or friends. The $ 10.00 is what was paid to the grantor for the property. What the warrenty is for is to insure the title of the property and any third parties who might make claim on it except for the 2002 taxes. If the title did indead have other liens or other 3 rd party claims the person would be repaid what they paid for the property or the amount claimed on the property.

Sorry to quote you again, but if I'm understanding you right, you are saying that the liens on the property would be shown on the deed? That is not the case here.

The liens are shown in the mortgage and lien records not in the deed records, but will show up in a search along with the deed records.

Again, at least that is the way it is done here.

 

[cuppy199]

I'm sorry, but I respectfully disagree. Honestly, I've only seen Warranty Deeds with the actualy amount on the them when the are prepared by individuals which is rare. An attorney prepared warranty deed (my dad is a land attorney and I worked for him doing the research) always states $10.00 and other good and valuable consideration. Here in Arkansas, and I'm sure in Florida too. Never once did I ever type a Warranty Deed with that actual amount of the sale typed in and I've typed at least 20,000. haha (rough estimate, but I worked for him for 15 years.)

Im a broker in Indiana, Illinios, Florida and I know what it intales. I might not draw the papers themselves but I have to know the laws of what is drawn up in my clients sale or purchase of property. They all state 1.00 and other goods and valuable consideration. From the looks of the dead it was sold for 10.00 and the person who bought it is responsible for the back taxes. Thats why it was sold so cheap. And that it only warrents the title is clear of other liens besides the one that was stated.

 

[Asti]

my husband does that same type of work, he said it usually say the $10 and other good and valuable consideration and not the amount of the property. I asked him. He said he guessed it could give the amount but they don't usually.

 

[keaska]

good question! I was reading about the different types of licensing and the rules for Florida yesterday, and if that does mean he's a class "c" than that means that he can only be employed by a "class A" and can not run individual investigations. Is that correct?

 

[cuppy199]

Sorry to quote you again, but if I'm understanding you right, you are saying that the liens on the property would be shown on the deed? That is not the case here.

The liens are shown in the mortgage and lien records not in the deed records, but will show up in a search along with the deed records.

Again, at least that is the way it is done here.

No the lien would only show on the title itself which would be at the county court house. The warrenty is for any third party liens on the property. If later on the title show any other liens on it beofre it was purchased the new owner would not be held responsible for the liens and the warrent company would either pay the lien itself or pay the person that now owns the property what they paid for the property.

 

[Asti]

I understood he is a Bondsman and has a PI license, is that correct?

 

[keaska]

Im a broker in Indiana, Illinios, Florida and I know what it intales. I might not draw the papers themselves but I have to know the laws of what is drawn up in my clients sale or purchase of property. They all state 1.00 and other goods and valuable consideration. From the looks of the dead it was sold for 10.00 and the person who bought it is responsible for the back taxes. Thats why it was sold so cheap. And that it only warrents the title is clear of other liens besides the one that was stated.

A real estate broker?

I would love to see the deed. I bet you will see revenue stamps totally more than the couple of dollars that would be placed on if it were given away. I stand by my previous posts based on my experience.

I'm only commenting because I think it's unfair to say that something was given away based on back taxes based on the wording of that deed from what I've read on this thread.

I'm not saying it's impossible that he gave it away, just that the deed wording does not imply that at all from what I've read here.

 

[keaska]

No the lien would only show on the title itself which would be at the county court house. The warrenty is for any third party liens on the property. If later on the title show any other liens on it beofre it was purchased the new owner would not be held responsible for the liens and the warrent company would either pay the lien itself or pay the person that now owns the property what they paid for the property.

no, no, no. That is not correct.

A warranty deed IS the title.

I asked if you are a real estate broker because I have worked with many real estate brokers and they are very smart about what they do, but were often confused about the actual title insurance, warranty deed, requirements. NO OFFENSE, seriously. I just know what I'm talking about.


edit: Correction on my part. A warranty deed is NOT "the title" but a major piece in the chain of title, which would include, deeds, mortgages, easements, grants, etc.

Title Policy is not the same as Deed or Title either. It's a policy protecting the chain of title and the mortgage holder depending on if it is a Owner's Policy, Lender's Policy or Combination.


Trisha has asked us to stop swapping title talk in this thread and to PM each other instead, as it is clogging the thread and I agree! And I apologize for clogging it. I just had to correct and try to clarify myself. :blushing:

Please feel free to PM me if anyone wants to correct me if I'm wrong, or discuss, or just say HI.

 

[PinkyPoo]

Ok everyone yank out your copy of your deed and have a look see.
Mine says....
$1 and other good and valuable consideration

I swear....now what does your say?

 

[Asti]

I sure don't think so Winter

 

[PinkyPoo]

no, no, no. That is not correct.

A warranty deed IS the title.

I asked if you are a real estate broker because I have worked with many real estate brokers and they are very smart about what they do, but were often confused about the actual title insurance, warranty deed, requirements. NO OFFENSE, seriously. I just know what I'm talking about.

Title policy and deed are two different things.

 

[Asti]

other goods and valuable consideration is the real price

 

[Asti]

well minus what was paid down

 

[cuppy199]

A real estate broker?

I would love to see the deed. I bet you will see revenue stamps totally more than the couple of dollars that would be placed on if it were given away. I stand by my previous posts based on my experience.

I'm only commenting because I think it's unfair to say that something was given away based on back taxes based on the wording of that deed from what I've read on this thread.

I'm not saying it's impossible that he gave it away, just that the deed wording does not imply that at all from what I've read here.

The land was free and clear. He owed no mortgage on it and would of lost it to the property taxes anyway. And it looks like he might of had some revenue problems as well. Any money he would of made on the sale he would of had to produce to the revenue service When I go to my office tomorrow Im gonna see what I can pull up

 

[Asti]

I am sorry I mean to say the real price plus what was paid down. This is making my head hurt

 

[cuppy199]

no, no, no. That is not correct.

A warranty deed IS the title.

I asked if you are a real estate broker because I have worked with many real estate brokers and they are very smart about what they do, but were often confused about the actual title insurance, warranty deed, requirements. NO OFFENSE, seriously. I just know what I'm talking about.

No the warrenty deed is not the title. The owner of a home does not get the actual title of the property. Its a deed there is a big difference. You cant even show this deed as proof of ownership. The title is what is on record at the court house.

 

[Tom'sGirl]

I am sorry I mean to say the real price plus what was paid down. This is making my head hurt

My head is hurting also, so lets knock it off now before many get a headache.

Thanks!

 

[LeLe1953]

There have been other reports of him leaving, then he shows up again.
He may just go home on the weekends to his family.

Cobra is there, he didn't leave this weekend.

 

[Emeralgem]

One question concerning COBRA and the Cummings clan... From what I have gathered reading posts from some of the locals in the area, the Cummings family no longer trust COBRA.. If that is true, and they know longer TRUST him due to fact they believe he broke confidence with Ron C, why did TN take COBRA to that site to help her search? Why didn't she just call LE if she thought something was strange in the area she claims she stumbled on accidentally.

 

[Theonly1]

Title policy and deed are two different things.

Heh. They are.


There is the COMMITMENT to insure title.
There is the TITLE POLICY.

There are also ABSTRACT OF TITLES.
There are DEEDS.
There are LIENS.

...and so on.
These are all vastly different things.

If the goal you (WSers) are searching for (in Florida) is to discover for how much a property was sold then go to the Property Appraiser for that County and take a look. Checking out the Deed IN FLORIDA will not give you an accurate idea of the purchase price--guaranteed.

Have Deeds been sold for only $10.00? Absolutely!

Have we done Deeds for $3 million and put "$10.00 and other good and valuable consideration"? Yes. The language is standard here in Florida.

To find out the purchase price you can always go to the documentary stamps paid on the property. That definitely will let you know what the purchase price was.

A mortgage can be for MORE than a property is sold for and mostly it is for LESS. A mortgage can be given by a bank, by an individual, by a relative, etc.

If your goal is to know the purchase price, then like I wrote, go to the property appraiser of that Florida County and look it up. It won't show for a few months as the clerks are backlogged on entering in the deeds, much less uploading the stuff for the public to peruse online.