Escrow & Title
In a Georgia foreclosure sale, the successful bidder receives title through a:
AWarranty deed from the lender
BSheriff's deed or foreclosure deed✓ Correct
CQuitclaim deed from the former owner
DTitle insurance policy
Explanation
In a Georgia non-judicial foreclosure, the purchaser at the foreclosure sale receives a foreclosure deed (often a limited or special warranty deed) executed by the attorney or lender conducting the sale.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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