Can a deed of trust be changed or invalidated in the case that a mistake was made on the amount on the document?
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Can a deed of trust be changed or invalidated in the case that a mistake was made on the amount on the document?
My business partner and I do real estate investment. The real estate property am inquiring about is under my name, so in order to secure my partners percentage of profit and money to be invested, I signed him a deed of trust accompanied by a promissory note. The amount on both documents are wrong and higher than what they should be. If worse comes to worse and this had to go to court, can this deed of trust be invalided in court or revised to the correct amount if I have evidence of how much each person contributed to the investment and how much the “actual” profit is? Appreciate the help!
Asked on August 5, 2012 under Real Estate Law, Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Since you have caught the problem at this point, I suggest that you simply have a new trust deed and note prepared memorializing the prior problem on the dollar amount rather than take the chance and risk of letting things slide longer than need be. I suggest that you consult with a real estate attorney about your matter.
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