Georgia is considered what type of state when it comes to title searches?

Answer 1

Georgia is a title theory non-judicial foreclosure state. In title theory states, the instruments that accompanies a note of indebtedness is a deed, conveying title to the lender or a trustee for whom the lender is the beneficiary. A defeasance clause in the deed obligates the lender to relinquish the title when the debt has been repaid. As used in Georgia, the security deed conveys the title to the lender through the borrower retains all of the usual rights of ownership. It ia a defeasible title in that the borrower can defeat the lender's title by paying the debt. Non-Judicial Foreclosure (Foreclosure By Power of Sale). Many states allow a lender to foreclose on a property without filing a lawsuit, as long as a power of sale clause is included in the security agreement, and as long as the sale is properly advertised in the local news paper. Lenders prefer this method since it involves less time and expense than would filing a lawsuit. One criticism of this method, however, is the fact that junior lein-holders are not notified of the sale. Unless they see the advertisement and attend the sale to enter a bid, their security interest in the property might be lost. I hope this answers your question! Alisa Brown- Savannah, G.A