The Law Dictionary for Everyone
The term deed in lieu is a short phrase commonly used to refer to a deed in lieu of foreclosure, which is a tool that may be used by some homeowners who are seriously behind in their mortgage payments, and seeking a way out. Foreclosure is a costly endeavor for both the homeowner and the financial institution holding the mortgage. […]
Read moreA deed is a legal, written document used to transfer or signify ownership of real property, or certain types of personal property. A deed is commonly required for the transfer of land, as such a transfer can only be made in a specific manner prescribed by law. The deed is signed by the person transferring the land (the “grantor”), conveying […]
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