Opinion ID: 2716735
Heading Depth: 3
Heading Rank: 3

Heading: The Gentry Deeds

Text: ¶31 Subsequent to taking title to the Gentry property, FNMA executed a Special Warranty Deed transferring the property to Homesales. Homesales then executed a Quit Claim Deed conveying the property to Irwin Mortgage. Both of these deeds recite that the consideration was TEN Dollars ($10.00) and other good and valuable consideration. The deeds also state that the transactions are exempt from documentary taxes pursuant to Title 68 O.S. §3202(3): Deeds which without additional consideration, confirm, correct, modify or supplement a deed previously recorded. Chase argues that Homesales acted as an intermediary to facilitate a repurchase of the Gentry loan by Irwin Mortgage pursuant to a preexisting agreement with FNMA. Cf., Berkeley, 301 F. Supp. 22, (regarding obligation to repurchase loan in case of default as reflecting the parties' intent not to affect a sale). That agreement, however, is not in the record. More importantly, the summary judgment record does not show the amount of the other good and valuable consideration paid for these conveyances. In the absence of that evidence, the Counties have failed to address all material facts necessary to establish their right to judgment based on the special Warranty Deed and Quit Claim Deed.