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Real Estate


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December 2, 2010

Deeds in lieu are back, but they're complicated

  • Giving property back to the lender seems a simple way to get out of an underwater project, but here are some things to consider.
    • By TIM GIACOMETTI
    Special to the Journal

    mug
    Giacometti

    In the current economic climate, deeds in lieu are back on the radar.

    A deed in lieu of foreclosure, let's call it a DIL, gives the property to the lender and would seem to be a simple procedure for getting out of an underwater project. After all, a deed is signed only by the grantor, and the law presumes that the grantee accepts the deed if it is beneficial to the grantee.


     
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