Deed Modification Agreement- Land Contracts,
What is a deed modification agreement
A deed modification agreement is between the property owner or the grantor as well as the holder of the deed and is called the grantee. The grantor executes and delivers to the grantee a note where the principal amount is mentioned, with the date and the warranty deed and on maturity of the deed modification agreement, the parties can extend the maturity for it and reduce the principal amount which is mentioned.
As per the deed modification agreement the principal and interest which is accrued is to be paid as it is considered as payable and due.
The principal amount of the deed is reduced when there is a pay down of the principal. The terms and conditions which are mentioned in the deed modification agreement are considered as unchanged and are in effect as well as in full force.
This deed modification agreement is usually signed and delivered in the presence of witnesses and the notary public by the grantor and it is given to the grantee.
This deed modification agreement is considered as a change to the original deed and this mentions clauses and sub clauses of the original deed that need to be deleted or that a certain sub clause needs to be substituted in the original deed or it could mean that a certain sub clause is incorporated in the main deed. It could also be when the rent of the premises of the lease needs to be increased from a certain date. Other than these changes, the original deed holds good.
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