Conveyance deed5/17/2023 Otherwise, upon default, the trustee will liquidate the property with a new deed and offset the lender's loss with the proceeds.ĭeeds as alternatives to bankruptcy When the loan is paid off, title is transferred to the borrower by recording a release of the obligation, and the trustee's contingent ownership is extinguished. It is commonly used in some states - California, for example - to transfer title to land to a “trustee”, usually a trust or title company, which holds the title as security ("in escrow") for a loan. A deed of trust is not used to transfer property directly. In some jurisdictions, a deed of trust is used as an alternative to a mortgage. A deed poll is one executed in one part, by one party, having the edge polled or cut even, and includes simple grants and appointments.ĭeeds of conveyance General and special warranty Ī so-called quitclaim deed is (in most jurisdictions) actually not a deed at all-it is actually an estoppel disclaiming rights of the person signing it to property. A deed indented or indenture is one executed in two or more parts according to the number of parties, which were formerly separated by cutting in a curved or indented line known as the chirograph. Ĭonditions attached to the acceptance of a deed are known as covenants.
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