deed in lieu of foreclosure

deed

noun

  1. : something done : act 1 my free act and deed

  1. : a written instrument by which a person transfers ownership of real property to another — see also deliver, grantee, grantor, recording act, registry, title — compare certificate of title

    Note: A deed must be properly executed and delivered in order to be effective. Additionally, the grantor must have freely intended to make the transfer at the time of the conveyance. Deeds are recorded at the local registry of deeds to give notice of ownership.

    — bargain and sale deed
    : a contract resulting from a bargain between a buyer and a seller of real property that creates a use in the buyer and therefore transfers title to the buyer by operation of law : a deed in which the grantor makes no warranties of title to the grantee

    — deed-in-lieu
    : deed in lieu of foreclosure in this entry

    — deed in lieu of foreclosure
    : a deed from a mortgagor conveying title to the mortgaged property to the mortgagee in payment of the debt Note: Deeds in lieu of foreclosure are sometimes used as an alternative to foreclosure.

    — deed of trust
    : an instrument securing a debt in which a debtor conveys the legal ownership of real property to a trustee to be held in trust for the benefit of the creditor or to be sold upon the debtor's default to pay the debt : a mortgage with a power of sale — called also trust deed

    — master deed
    : a deed that submits the land described therein to the provisions of a state's law regarding condominiums and sets out various information (as about the units, common areas, bylaws, and rights of the owners) as required under state law — compare declaration of condominium at declaration 4

    — quitclaim deed
    : a deed that grants only whatever title or interest the grantor had to the property without any warranty as to the title : special warranty deed in this entry — compare warranty deed in this entry

    — sheriffʼs deed
    : a deed given to a buyer of property purchased at a sheriff's sale

    — special warranty deed
    : a deed in which the property transferred is warranted to be free of all liens or encumbrances made by, through, or under the grantor but not otherwise

    — tax deed
    : a deed evidencing the transfer of title acquired by the grantee as purchaser of property at a tax sale — compare tax certificate

    — trust deed
    : deed of trust in this entry

    — unit deed
    : a deed conveying a condominium unit

    — warranty deed
    : a deed warranting that the grantor has a good title free and clear of all encumbrances and will defend the grantee against all claims — compare quitclaim deed and special warranty deed in this entry

deed

transitive verb

  1. : to convey by deed