Escrow & Title
Unlike a deed of trust used in many other states, a Kentucky mortgage involves:
AThree parties: borrower, lender, and trustee
BTwo parties: borrower and lender✓ Correct
CA power of sale clause for non-judicial foreclosure
DAutomatic transfer of title to the lender at closing
Explanation
Kentucky is a mortgage state. A mortgage involves two parties (borrower/mortgagor and lender/mortgagee).
Related Kentucky Escrow & Title Questions
- Which type of title insurance policy protects the lender's interest?
- In Kentucky, the Closing Disclosure (CD) must be provided to the buyer at least how many business days before closing?
- A deed is considered valid even if not recorded, but recording protects the grantee by:
- In Kentucky, deeds are recorded in the:
- A Kentucky buyer closes on a home and does not record the deed immediately. Before the deed is recorded, the seller transfers the same property to another buyer who records their deed first. Under Kentucky's recording statute, who has priority?
- In Kentucky, the closing attorney typically:
- A Kentucky survey stakes the corners of a property and identifies an encroachment from a neighbor's building. This is known as:
- In Kentucky, an attorney's opinion of title is based on:
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