recorded deed

[b4mental]

What is the name of your state (only U.S. law)? North Carolina Is it true that once the transfer of deed is recorded with the county of records,that all monies have been paid for that deed?

 

[FlyingRon]

What do you mean all moneys?

Anyway, it's often not the case. All the money's go into a trust account, then once the closing is final, all the remaining work (payouts from the trust, deed execution/recording, etc...) do so in parallel. It's often quite possible hat it takes a while for some of the residual money in the trust account to be distributed.

 

[tranquility]

Property does not require escrow to transfer. People who want to be careful use it, but it is not required.

The purpose is to have a third party make an exchange of the items submitted to escrow so neither gets the other's item(s) before the other. It is a matter of trust--or lack thereof. In most cases things work just as FlyingRon has said.

Here, I'm guessing the deal was made and the deed changed hands and was recorded without escrow. One party is claiming that the quitclaim or warranty deed, because of the legalese or somesuch saying for good and valuable consideration the deed was transferred, that payment must have been made.

Of course, that is just silly. While the one who deserves the money still deserves the money, it's just that he may have to use legal process to get it. That's why people usually use escrow. It is far cheaper and more certain than litigation.

 

[HomeGuru]

What is the name of your state (only U.S. law)? North Carolina Is it true that once the transfer of deed is recorded with the county of records,that all monies have been paid for that deed?

**A: no, not at all.