What is 'acknowledgment' of a deed in Delaware and why is it required?
Why The grantor's formal recognition before a notary or authorized official that they signed the deed voluntarily, required for recording and providing constructive notice Is Correct
Answer B: The grantor's formal recognition before a notary or authorized official that they signed the deed voluntarily, required for recording and providing constructive notice
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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Key Terms to Know
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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