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.
Deed. Describes the property ownership. Something important to note if you're closing on a loan that's a refinance, is that you have a three day right of rescission. This means that after signing your loan documents with the notary, you have the right to cancel the loan within three business days. Sundays and holidays do not count as 1 of the 3 days. The loan types that qualify for a three day right of rescission include: 1  Cash-Out Refinance.