Deed related question, corrective deed
Hey everybody. Quick question. We bought a really nice piece of land a couple of months ago (we bought the land outright, didn't take out a loan or anything). Now we are preparing to build a house on the land and we are in the process of getting a construction loan. We are almost through with the construction loan process through our bank. The bank is having a title search done on the property for our construction loan. The attorney at that title company that the bank uses is a good friend of mine (very small town, lol). The title search came back all good of course; however the attorney who owns the title company (my buddy) noted that on the our deed for the land, the survivorship is worded in such a way that when I die, the land would equally go to our minor children and not just my wife, or something like that. So he wanted to fix it for me, so he created a new deed for us (it's titled corrective deed) and deed is from me and my wife (grantors) to me and my wife (grantees) and has the same language etc as our original deed when we bought the land except it changes the part about survivorship that he felt like needed changed. It also references our deed we filed a few months ago when we bought the land. He said he would send this to the bank loan officer with all the other title search info and we will sign this new deed at closing (for the construction loan) and then he will file it for us at the courthouse. He's a very experienced attorney, good friend, and his title company does all of the title work for the local bank and has for the last 30 years. All of this sound okay to you all? Our closing on the construction loan could possibly be scheduled for next week and I just want to know that everything will be okay.