Escrow & Title
A sheriff's deed is issued to transfer property following a:
AStandard real estate sale
BCourt-ordered sale to satisfy a judgment or foreclose a mortgage✓ Correct
CTransfer between family members
DDonation to a nonprofit organization
Explanation
A sheriff's deed is issued by a court officer (sheriff) to transfer property that was sold at a court-ordered sale, such as a foreclosure sale or a judicial sale to satisfy a judgment. It typically conveys only the debtor's interest with no warranties.
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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).
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.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Math Concepts
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