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All agency relationships are fiduciary relationships. This means the relationship involves a high level of trust and confidence between the principal and the agent. Because the principal has trusted the agent to supervise or protect the principals property, the agent owes a fiduciary duty to the principal.
What is the purpose of a fiduciary deed?
Fiduciary deeds are just one of several types of deeds used in property transfers. This type is used to transfer property such as real estate when the owner cant sign a deed for legal or other reasons. Fiduciary deeds are commonly employed when settling estates and the original owner of the property is deceased.
What does it mean to be a fiduciary in property?
A fiduciary is someone who manages money or property for someone else. When youre named a fiduciary and accept the role, you must by law manage the persons money and property for their benefit, not yours.
What does fiduciary mean in real estate?
Fiduciaries are persons or organizations that act on behalf of others and are required to put the clients interests ahead of their own, with a duty to preserve good faith and trust. Fiduciaries are thus legally and ethically bound to act in the others best interests.
What does fiduciary title mean?
Warranty Deeds are used in most home sales between unrelated parties because they offer the most protection for buyers without established trust. If any title issues arise after a sale, a Warranty Deed ensures that the seller remains responsible. There are two types of Warranty Deeds: special and general.
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