Property Ownership
In Georgia, which type of deed is typically used in a foreclosure sale?
AGeneral warranty deed
BSpecial warranty deed
CSheriff's deed or foreclosure deed✓ Correct
DQuitclaim deed
Explanation
In a foreclosure sale, the purchaser receives a sheriff's deed (or foreclosure deed) — which conveys only the interest the foreclosing party had and provides no warranties from prior owners.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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