Deed Modification Agreement-Assorted Legal Forms

Is it possible to modify a deed?

When you sign a contract you should be extra careful because once you sign it nothing can be done about it. The terms of the contract will be permanent and you will have to abide by them. This is what every person with even the slightest knowledge of legal system tells you. But actually this is true only for majority of cases. There are a very small number of cases in which the deed can be modified after it has been signed by both the parties. If the circumstances have changes in such a way that certain clauses of the contract are not applicable anymore the can be modified. It is quite obvious that both the parties should be in favor of the changes being made. In some rare cases it could be the decision of court to make the changes but for that the terms will have to be really unacceptable and not just unfair. Thus if you want some modification in the contract you should discuss it with other party.

You may or may not have been very careful while the original contract was created. Whatever the case was, you will have to make sure that the changes being made to the deed are not problematic for you in any way. It is always a good idea to hire or consult an expert regarding these modifications. You should also ensure that everything is exactly as agreed upon. Check the document a couple of times before you sign it.

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After recording return to:        Insert Your Mailing Address Here

DEED MODIFICATION AGREEMENT

This modification agreement is made and entered into this           day of                , 20     , by and between  Owner of Property., hereinafter referred to as “Grantor” and       Deed Holder Name                , hereinafter referred to as “Grantee”.

Whereas, Grantor executed and delivered to Grantee a Note in the original principal amount of                          dollars ($        ), dated               , and a  Warranty Deed  of even date therewith conveying certain property known as                           ,   State , Landlot           , District        of                County, as security therefore recorded in                County,  State  records, and

Whereas, said Note and Warranty Deed provide for maturity of the indebtedness on               , 20     . And the parties wish to extend such maturity until               , 20      , and reduce the principal amount,

Now, therefore, for and in consideration of the premises and of $1.00 in hand paid by Grantor to Grantee, the receipt and sufficiency of which being hereby acknowledged, the parties hereto do covenant and agree as follows:

The maturity date of the aforesaid Note and Warranty Deed is hereby extended to           , 20      at which time all principal and accrued interest, if not sooner paid shall be due and payable.
The principal amount of the aforesaid Note and Warranty Deed  will be reduced, due to a principal paydown, the new principal amount is                    dollars ($        ).
Except as modified hereby, all terms and conditions set forth in Note and Warranty Deed shall be unchanged, and said instruments shall remain in full force and effect.

Wherefore, the parties hereto have set their hands, and seals on the day and year first set forth above.

AS TO GRANTOR:
Signed, sealed and delivered
In the presence of:

_________________________                                         (SEAL)
Unofficial Witness                        Property Owner Name

_________________________
Notary Public

AS TO GRANTEE:
Signed, sealed and delivered
In the presence of:

_________________________                                         (SEAL)
Unofficial Witness                        Deed Holder Name

_________________________
Notary Public