Escrow & Title
In West Virginia, the primary instrument used to finance real estate and give the lender a security interest in the property is:
AA mortgage with judicial foreclosure only
BA deed of trust allowing non-judicial foreclosure✓ Correct
CA land contract (contract for deed)
DA straight note with no collateral
Explanation
West Virginia primarily uses deeds of trust rather than traditional mortgages. A deed of trust involves three parties (borrower, trustee, lender) and allows for non-judicial foreclosure, making the process faster than court-supervised foreclosure.
Related West Virginia Escrow & Title Questions
- In West Virginia, the term 'abstract of title' refers to:
- West Virginia's transfer tax (excise tax) on real estate conveyances is calculated at:
- In West Virginia, a settlement agent must provide the Closing Disclosure to the buyer at least how many business days before consummation of the loan?
- In West Virginia, a deed must be delivered to and accepted by the grantee during the grantor's lifetime. If the grantor dies before delivery, the deed is:
- A West Virginia buyer purchases a home for $300,000. The state transfer (excise) tax owed at closing is:
- Under West Virginia law, which of the following is NOT required for a deed to transfer title effectively between the parties (without regard to recording)?
- West Virginia follows which recording system for determining priority among competing claimants to property?
- A West Virginia seller receives a 'clear title' report from the title company. This means:
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