Property Ownership, Transfer of Title and Land Use 11.8

Question 1

Deed in Lieu of Foreclosure

Answer 1

Is a deed given by the lender when the borrower is in default under the terms of the mortgage, in order to expedite the foreclosure process.

A formal written agreement is mutually executed between the borrower and the holder of the note.

Question 2

Conveyance of a Deceased Person’s Property

Transfer of title by will: 1

Answer 2

A person who dies testate has a will.

A will is a testamentary instrument and is only effective after the death of its maker.

A will is a devise and to transfer property by devise means to transfer by will.

Question 3

Conveyance of a Deceased Person’s Property

Transfer of title by will: 2

Answer 3

The maker of the will is the devisor and the one receiving property by will is the devisee.

The Devisor must strictly adhere to the laws of the state.

The will cannot supersede dower and curtesy laws (rights of surviving spouses where they apply).