Escrow & Title
In South Carolina, a 'deed in lieu of foreclosure' is when:
AA court orders foreclosure instead of allowing a deed transfer
BThe borrower voluntarily conveys the property to the lender to avoid foreclosure proceedings✓ Correct
CThe lender accepts a partial payment to avoid foreclosure
DA third party purchases the property at a foreclosure auction
Explanation
A deed in lieu of foreclosure is a voluntary arrangement where the defaulting borrower transfers the property to the lender to satisfy the debt and avoid formal foreclosure. It can be faster and less costly than foreclosure for both parties.
Related South Carolina Escrow & Title Questions
- In South Carolina, deed stamps (recording fee) are paid at the rate of $1.85 per $500 of consideration. On a $300,000 home sale, how much are the total deed stamps?
- In South Carolina, which of the following would NOT be found in a title examination of public records?
- A South Carolina title search examines public records to verify:
- Which of the following is a 'credit' to the buyer on the South Carolina closing statement?
- In South Carolina, which document allows the closing attorney to conduct the title search by examining recorded documents?
- In South Carolina, 'actual notice' of a property interest means:
- In South Carolina, 'title insurance' protects against:
- In South Carolina, a 'notice to seller's lien holders' before closing is required to:
Practice More South Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Carolina Quiz →