Legal Question in Real Estate Law in Georgia
Real Estate Deficiency
My husbands LLC purchased some lots which went into foreclosure. The bank took them to the steps at a devalued appraisal amount and is coming after the deficiencies. He signed the note personally at a closing and I signed the note at home, not really knowing what I signed. I never went to the closing and have no consideration in his LLC. Am I legally obligated to this note since I didn't attend the closing and I didn't have power of attorney representing me?
1 Answer from Attorneys
Re: Real Estate Deficiency
No one here has a copy of the note to see its terms, or whether it is binding. However, a "closing" is generally for transferring interests in real estate, and a formal closing where everyone gathers at a table is not even a requirement - just a convenience and custom. There is no requirement that a guarantor attend any "closing," or have any interest in the property or entity. It is also presumed that a competent adult reads what he/she signs and not knowing what it says is generally not a defense. You can have a lawyer review it all to search for other defenses to the note, but the issues you raise are generally not going to be in your favor.
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