Constructive Trust. A constructive trust is not an actual trust by the traditional definition. It is a legal fiction that is used as a remedy for unjust enrichment. Hence, there is no trustee, but the constructive trust orders the person who would otherwise be unjustly enriched to transfer the property to the intended party. wex: COMMERCE.
In the past, quitclaim deeds gave complete ownership to the holder after seven years of uncontested use â even if the person who gave you the deed wasnât the real owner. Now, itâs not as simple. More documentation is required as listed in the Official Code of Georgia.
Step Eight: Right to redeem expires and deed is transferred to buyer. 14 days. Total 181 days. This is the minimum. If your case proceeds as an un-contested action, 181 days is the shortest amount of time to fully process a residential foreclosure action in New Jersey but often it takes longer than this 181 days. Bank Delays In Hopes of an Improved Real Estate Market.