Escrow & Title
In Colorado, a deed must be 'delivered and accepted' to be effective. 'Delivery' in this context means:
AThe deed must be physically mailed to the grantee
BThe grantor must intend to transfer title now, with the grantee accepting the deed✓ Correct
CThe deed must be recorded within 30 days
DThe deed must be witnessed by a notary at the time of transfer
Explanation
For a deed to be effective in Colorado, there must be delivery (the grantor's present intent to transfer title and relinquish control of the deed) and acceptance by the grantee. A deed held by the grantor without intent to transfer now has not been delivered.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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