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  #1  
Old 10-05-2012, 01:41 PM
Alpine Alpine is offline
 
Join Date: Mar 2010
State: Oregon
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Default Deed Date: Signed or Recorded?

I just had an AMC reviewer demand multiple fanatical stips, so my blood is a little hot, and I know this is redundant to many here, but kindly indulge me.

One stip was to "correct" the last transfer date for the subject. It was a familial vesting transfer signed 7/28/10 and recorded 8/2/10. From what I've gleaned from other threads here and appraisal instructors, a deed becomes legal upon recording (though some debate that), so I default to the recording date. This reviewer requested I change it to the signing date of the deed, which was a whopping 5 days earlier and of no impact to market value, but a skunk by any other name...

I'm starting to appreciate that the UAD only requires the month a comparable sale has closed escrow, so this type of nit-picking is avoided in the Sales Comparison Analysis. Yes, the UAD fruits are rare, but they must be suckled where we find them...
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Old 10-05-2012, 01:53 PM
mark hurlock mark hurlock is offline
 
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State: Delaware
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Quote:
Originally Posted by Alpine View Post
I just had an AMC reviewer demand multiple fanatical stips, so my blood is a little hot, and I know this is redundant to many here, but kindly indulge me.

One stip was to "correct" the last transfer date for the subject. It was a familial vesting transfer signed 7/28/10 and recorded 8/2/10. From what I've gleaned from other threads here and appraisal instructors, a deed becomes legal upon recording (though some debate that), so I default to the recording date. This reviewer requested I change it to the signing date of the deed, which was a whopping 5 days earlier and of no impact to market value, but a skunk by any other name...

I'm starting to appreciate that the UAD only requires the month a comparable sale has closed escrow, so this type of nit-picking is avoided in the Sales Comparison Analysis. Yes, the UAD fruits are rare, but they must be suckled where we find them...
If the date of the transaction is available through typical research or it is made available by parties involved, I'll use the actual date of transfer.

Does the date have any significant impact on the results of your analysis of the transaction?

Recording a deed simply puts the public on notice.
  #3  
Old 10-05-2012, 02:08 PM
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Marion Rhodes Marion Rhodes is offline
 
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For the subject, I include the deed in the report so use the deed date at the top of the deed. Otherwise, it's recording dates all the way.
  #4  
Old 10-05-2012, 02:17 PM
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CANative CANative is offline
 
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Just change it. Add in comments "Date changed because it bothered the reviewer for some reason."
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  #5  
Old 10-05-2012, 02:19 PM
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Webbed Feet Webbed Feet is offline
 
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Post two has it. Recording dates are dates of public notice, "Constructive Notice." The date of "transfer" of ownership is the date the deed is properly executed and delivered, this is when it conveys title or ownership. Not recording.
  #6  
Old 10-05-2012, 02:21 PM
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Just change it. Add in comments "Date changed because it bothered the reviewer for some reason."
Are you sure that was helpful? Seems to have a hostile quality to it and possibly is confrontational.

  #7  
Old 10-05-2012, 02:41 PM
Alpine Alpine is offline
 
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Originally Posted by Webbed Feet View Post
Are you sure that was helpful? Seems to have a hostile quality to it and possibly is confrontational.
No, our resident Neil Young fan is mirroring my sentiments, because the six other stips read like a fanatics guide to appraiser abuse. Among them, the AMC reviewer demanded document numbers for all sales. Now, I realize some folks routinely provide them, and others would argue its an industry standard. But I've done dozens of appraisals for this lender over a three year period, and they have never asked me to revise a single report to provide them as a secondary confirmation source. For the record, I don't write "County Records", but I've only had two clients in fifteen years require deed numbers (Equifax and another).

Neither is their inclusion cited in the 2-page PDF of the lenders published requirements on the AMC's site. When I pressed the reviewer to confirm whether the client or the AMC had changed their requirements, he responded: "As for me, when I was writing appraisals, I always tried to include a definitive second source for my sales verification data. Rather than simply putting County Records/Realtor/RLID or something of the like, I used the actual deed and/or document numbers."

So he is now on record for exploiting me to provide more than the client requests. Be afraid, be very afraid...
  #8  
Old 10-05-2012, 03:10 PM
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Webbed Feet Webbed Feet is offline
 
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Originally Posted by Alpine View Post
No, our resident Neil Young fan is mirroring my sentiments,<...snip...>..
Sorry, my post was a somewhat inside joke from another thread. I should have resisted the temptation. Unfortunately, resistance is futile as I've been assimilated.

  #9  
Old 10-05-2012, 03:44 PM
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David Wimpelberg David Wimpelberg is offline
 
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Quote:
Originally Posted by Alpine View Post
One stip was to "correct" the last transfer date for the subject. It was a familial vesting transfer signed 7/28/10 and recorded 8/2/10. From what I've gleaned from other threads here and appraisal instructors, a deed becomes legal upon recording (though some debate that), so I default to the recording date.
A deed does not become legal upon recording; it's already legal before it's recorded. It simply becomes publicly known. Deed recording dates can be days, months, or years after the deed was executed.
  #10  
Old 10-05-2012, 03:47 PM
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Terrel L. Shields Terrel L. Shields is offline
 
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The Duck worrying about being "Confrontational" :rof" I've heard it all now

I do agree however the date ON the deed for the transaction is the right date. I've ran across a many a deed where the " recording date" was over a year previous to the actual signing of the documents. This is particularly common for contracts of sale where the deed is delievered 1, 2, 5 or even 10 years later.

Now if someone is going to say that the "meeting of the minds" was the day the contract was signed, OK maybe. But that is far from saying it is a "done deal" and therefore the default date should be the date of the signing (closing.)
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