Escrow & Title
A deed must be delivered and accepted to be considered legally effective because:
AKREC requires delivery confirmation
BTransfer of title requires a voluntary act of the grantor and acceptance by the grantee✓ Correct
CThe lender requires it for mortgage approval
DThe county requires it for tax purposes
Explanation
Delivery and acceptance are essential to a valid conveyance. The grantor must voluntarily deliver the deed and the grantee must accept it for title to transfer.
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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).
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.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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