Grantor (the person signing the conveyance). Most married couples prefer the survivorship option for simplicity, but selection of this option prevents the will of the first to die or prenuptial agreements from having effect. Other rights that may be created in the land during a real estate closing, include the rights of the lender through a
The information contained on this page is not legal advice. If you do have a legal problem you should talk to a lawyer before making a decision about what to do. Real estate transactions are governed by state statutory and common law as well as a number of federal statutes. The information on this page is for general background and written for people resident in, or affected by, the laws of the State of Alabama only as the requirements established by state law often differ significantly from one state to the next.
Any party planning to use a power of attorney should consult the closing attorney immediately. Documents must be specially prepared to reference the power of attorney and many lenders will not approve their use without prior notice.
Right of redemption that is granted to a foreclosed party under Alabama law that is not provided for in many other states. An attorney should be consulted for specific advice in the event of a default causing acceleration and foreclosure of a mortgage. Both Alabama and Federal statutes provide specific protections to the consumer too involved for a brief discussion.