What is the difference between a grantee and a grantor?
A grantee is the recipient of something, such as a college grant or real estate property. A grantor is a person or entity that transfers to another person or entity the interest or ownership rights to an asset. Legal documents, such as deeds, detail the transfer of assets between grantors and grantees.
What is the purpose of a fictitious deed of trust?
A fictitious/master deed of trust is a blank, unsigned long form deed of trust with a cover sheet attached, requesting recording for reference purposes only. By referencing the recorded instrument information on the fictitious DOT, all rights and obligations of the parties are preserved.
Is the grantor the owner?
In general, a grantor is someone who transfers a property right to a grantee. In a real estate transaction, the grantor is the current holder of the property right, or in other words, the seller. The deed, which transfers ownership, is the grant.
Who can be a grantor?
A grantor is an individual or other entity that creates a trust (i.e., the individual whose assets are put into the trust) regardless of whether the grantor also functions as the trustee. The grantor may also be referred to as the settlor, trustmaker, or trustor.
Is the grantee the borrower?
The grantor is the person who is giving away the title or interest in the real property – the borrower. The grantee is the person receiving the property.
Is a bank a grantor or grantee?
In this situation, the grantee is often the bank the borrower owes a loan to. The property owner gives up the deed to the grantee. This is one in order to be relieved from their mortgage debt and avoid the foreclosure process.
Which lien is an example of a specific lien?
Examples of specific liens include: -Property tax lien when taxes are not paid. -Mortgage lien when a mortgage is used in financing. -Mechanic’s lien when work done is not paid for.
Is a mortgage a specific lien?
Mortgage lien: A mortgage lien is a voluntary, specific lien. In fact, it’s the most common type of voluntary real estate lien. When you borrow money to buy or refinance a piece of real estate, you give the lender a lien against the property.
What is a trust short form?
A deed of trust (DOT), also known as a trust deed, is a document that conveys title to real property to a trustee as security for a loan until the grantor (borrower) repays the lender according to terms defined in an attached promissory note.
Which is the best definition of a subordinate lien?
Subordinate Lien means a lien on one or more categories of Revenues which is not a Senior Lien. ” Subordinate Lien Obligations ” means Revenue Obligations or Telecom Loan Obligations which only have Subordinate Lien means any Lien securing the Subordinate Obligations.
What kind of lien is attached to a property?
A lien attaching to property for nonpayment of a federal tax (estate, income, etc). A deed of trust recorded by a trustee which discloses all the terms of the trust deed but does not relate to a specific transaction and is used for reference only.
Can a second mortgage holder release its lien?
However, the second mortgage holder does not want to release its mortgage and re-file, due to additional costs and priority problems, so it will subordinate its lien to the lien of the replacement mortgage. This law -related article is a stub.
What does lien mean for unpaid property taxes?
A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. A term used in some areas to describe the restrictive limitations which may be placed on property. In other areas, simply called restrictions.