Escrow & Title
Which type of deed is commonly used when a Michigan lender forecloses and conveys the REO property to a buyer?
AGeneral warranty deed
BSheriff's deed with limited warranties✓ Correct
CLife estate deed
DBargain and sale deed
Explanation
When a Michigan lender sells an REO (real estate owned) property after foreclosure, title is conveyed via a sheriff's deed (from a judicial foreclosure) or a similar limited-warranty deed, providing fewer warranties than a general warranty deed.
Related Michigan Escrow & Title Questions
- In Michigan, a deed of trust differs from a mortgage primarily because:
- In Michigan, documents affecting real property are recorded with:
- In Michigan, a 'buyer's title policy' (owner's policy) is typically paid by:
- Under RESPA, a Loan Estimate must be provided to the borrower within:
- In Michigan, who is responsible for selecting the title company for a purchase transaction?
- In Michigan, a 'lis pendens' recorded against a property means:
- In Michigan, 'title insurance exceptions' in a title commitment are items that:
- Michigan uses a title recording system based on:
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →