Property Ownership
In Connecticut, a 'deed in trust' is used to:
ATransfer property to a beneficiary after death
BHold title to real property for the benefit of a trust's beneficiaries✓ Correct
CRelease a mortgage from the property
DRecord a lien for unpaid taxes
Explanation
A deed in trust conveys title to a trustee who holds and manages the property for the benefit of the trust's beneficiaries, as specified in the trust agreement.
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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).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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.
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