Right Of Reversion Clause
Very grateful to have found this informative site. Hoping I can get some
expertise on this matter.
My name is on my property's Special Warranty Deed and Addendum to Special Warranty Deed issued by the Seller, filed in 1994 in Palm Beach County, FL. I am not on the Mortgage Loan, the Seller is. The Seller or his agents or assigns are no longer contactable. I am the one paying the monthly mortgage as per these Warranty Deeds.
I want to remove Seller's name from my property. I see that in the Addendum, there is a "Right of Reversion" clause:
In the event that Grantor has not recorded this in favor of himself by May 4, 1996, "the Right of Reversion in favor of Grantor (Seller) shall terminate and title to the property shall vest in Grantee". (Me) Seller has never filed this Affidavit.
Am I correct that I can just go down to the courthouse and show them my recorded papers and have the Seller's name removed from the Deed? Would I just Quick Claim it back to me? Do I risk the Mortgage company calling the Loan?
Sounds all too simple, boy that would be
a dream. Thanks for your response.
Joan in Florida
I am replying now to my own question as
I have since shown my paperwork to a title company lawyer.
There is good news and I am so relieved. At first glance the Special Warranty Deed looks like the property is held jointly; however in reviewing the "Addendum", the Title Company attorney reports that indeed the other owner gave title to me in the "Right of Reversion". He no longer owns the property with me as of May 1996.
Now I shall persue getting his name off my
property. HURRAH!
thanks for sharing!