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Download QR code; Print/export Download as PDF; Printable version; In other projects Wikidata item; Appearance. ... Estoppel by deed; Quitclaim deed; Mortgage;
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.
A deed is a legal document that is signed and delivered, especially concerning the ownership of property or legal rights. Specifically, in common law, a deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed.
Once you pay off your mortgage, the mortgage lender — also referred to as the “trustee” — creates the deed of reconveyance document. The lender then signs this document and has it notarized.
Therefore, it behooves purchasers and mortgage lenders to record their deeds or mortgages, respectively, to prevent this outcome. Once an instrument affecting the title to real estate has been recorded, the law holds that everyone is deemed to know of its existence, even if they have not searched the records in the recorder's office.
Continue reading → The post Deed of Trust vs. Mortgage: Key Differences appeared first on SmartAsset Blog. When buying a home, it's easy to get lost in the terminology. Understanding key terms ...
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