Property Ownership
In NJ, which document formally transfers real property ownership from seller to buyer at closing?
AThe mortgage note
BThe deed✓ Correct
CThe title insurance policy
DThe listing agreement
Explanation
The deed is the legal instrument that conveys title (ownership) of real property from the grantor (seller) to the grantee (buyer). It must be in writing, signed by the grantor, and delivered and accepted by the grantee to be effective.
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- In New Jersey, the document that formally transfers ownership of real property from seller to buyer at closing is the:Escrow & Title
- In NJ, a 'warranty forever' clause in a general warranty deed obligates the grantor to defend the grantee against title claims originating:Property Ownership
- In New Jersey, an 'Affidavit of Title' is a document signed by the seller at closing that:Escrow & Title
- In NJ, a 'special warranty deed' differs from a general warranty deed because the grantor warrants title only against:Property Ownership
- Under NJ law, a 'trust deed' (deed of trust) is sometimes used instead of a mortgage to secure a real estate loan. In a trust deed arrangement, who holds legal title to the property?Property Ownership
- Which type of deed provides the GREATEST protection to the grantee in New Jersey?Property Ownership
Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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