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.
Quitclaim deeds are among the most misunderstood legal tools in existence. In essence, quitclaim deeds permit property owners to sign the rights and interests in the property over to a grantee.. This grantee receives all of the benefits of property ownership without some of the financial drawbacks. However, a quitclaim deed may not hold up to close legal scrutiny in certain situations.