Often, the property is sold by the lender to pay off the mortgage on the property. Foreclosureįoreclosure is the legal process by which a property is sold to satisfy a debt, usually a debt by which the property was purchased. There are 4 methods by which this is accomplished: foreclosure, eminent domain, adverse possession, and by escheat. Involuntary alienation is the transfer of real estate by law and without the owner's consent. The date of the delivery and acceptance by the grantee is considered the date of the transfer, although in those states using the Torrens system, the date of transfer is considered the date when the deed has been examined and accepted for registration. The deed must be delivered and accepted by the grantee it can be delivered personally or by a 3 rd party, such as an escrow agent (aka settlement agent).While acknowledgement is not necessary for a valid deed, except when state statute requires it, it may be ineligible for recording. The form of the acknowledgement should conform to the state law of the state in which the property is located. An acknowledgement - a formal declaration, before a notary public, justice of the peace, or other official designated by state law - that conveyance is voluntary and that the grantor has the right to convey title.An attorney-in-fact with a power of attorney may sign for the grantor. All owners of a property must sign the deed - including spouses in those states that grant the spouse marital or homestead rights. There may be an habendum clause that further limits ownership rights, such as prohibiting certain activities, like gambling or drinking.Any exceptions or reservations, such as encumbrances or deed restrictions the grantor may retain certain rights, such as an easement over the land.
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