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The legal instrument by which the transfer is effected may be known as a quitclaim deed or a quitclaim agreement. [3] Details of the instrument itself, and the typical circumstances of use, vary by U.S. state.
1. If O conveys property she doesn't own to A by warranty deed, but O later acquires title to that land, then title immediately passes to A.. 2. However, if, as above, O conveys property she doesn't own to A by warranty deed, but O later acquires title to that land, A may elect to treat O's lack of title at the time of the conveyance as a breach of the covenants of seisin and right to convey ...
This page was last edited on 31 December 2021, at 20:00 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
Under common law, this type of deed technically created a use in the buyer who then gets the title. [3] Under the statute of uses, modern real property law disregards this subtle distinction. [citation needed] A bargain and sale deed is especially used by local governments, fiduciaries such as executors, and in foreclosure sales by sheriffs and ...
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