Escrow & Title
In North Dakota, a 'trustee's deed' is issued when:
AA living trust sells property held in the trust
BA lender forecloses on a deed of trust
CA bankruptcy trustee sells property
DBoth A and C✓ Correct
Explanation
A trustee's deed can be used in multiple situations: (1) when a trustee of a living trust conveys property on behalf of the trust, and (2) when a bankruptcy trustee sells assets of a bankruptcy estate. In both cases, the trustee conveys whatever interest the trust or estate holds.
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- When a North Dakota property is transferred through a trust, the trustee signs the deed. The deed would be a:Escrow & Title
- In North Dakota, a 'living trust' (revocable inter vivos trust) can be used to transfer real property upon death because:Property Ownership
- In North Dakota, a deed of trust allows the lender to foreclose through which process?Finance
- A 'quitclaim deed' in North Dakota conveys:Escrow & Title
- In North Dakota, which type of mortgage gives the lender a security interest in the property, while the borrower holds title?Finance
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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.
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