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.
In that case, the insurance company would ask that person to sign a quitclaim deed. It is important to recognize that a quitclaim deed impacts only the ownership of the house and the name on the deed, not the mortgage. For instance, in the case of a divorce, if both spousesâ names are on the home loan, they are still both responsible for the loan even if a quitclaim deed has been filed.