I am reading a lease option course and it mentions setting up an escrow. I just have a question about what the following transfer documents mentioned are: Statutory Warranty Deed, a Note and Deed of Trust(used for any owner carryback financing), and an excise tax affidavit. Thanks for any help.
-ReggieSC
A statutory warranty deed offers a limited form of warranty. Basically it states you do not know what type of title you have but you do promise that you have not transferred the property to any one else and that you will protect from any claim made that you have transferred and you will compensate if it cost anything.
The note would be the agreement.
The deed of trust id used in some states instead of a mortgage it conveys to a trustee rather than to the borrower
The excise tax affidavit is a document that must be used when taxes are imposed at the time the sale occurs and must be presented at the time of sale for recording in the public records or in the case of a transfer of a controlling interest in an entity which owns real property located in this state.
Thanks for the clarification johnmichael.