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Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with the local municipality. Legal title is actual ownership of the property as when the property has been bought, the seller paid in full and a deed or title is properly recorded. Equitable title separates from legal title upon ...
A foreclosure and a deed in lieu have one main thing in common: In either situation, the lender takes full ownership of a property from a homeowner who hasn’t made their mortgage payments.
It represents the transfer of ownership from your mortgage lender to you. Over the time you repaid your mortgage, you legally owned the property, but the lender held the mortgage lien , or claim ...
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.
This assures grantee there are no legal claims to the property by third parties, and no taxes are owed on the property that would restrict its sale. Some jurisdictions use the warranty deed to transfer real property instead of the grant deed. The warranty deed adds the additional guarantee that the grantor will defend the title against any ...
A family member has an ownership stake in the home: If an immediate family member has an ownership stake in the property, you might transfer the mortgage into their name.
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