Deed of Release
Categories: Real Estate
Bob owns a two-story home in suburban Connecticut. He works a full-time desk job that he hates and returns home to his wife and kids at approximately 6:38 pm every night. Bob plays the lottery every week and, on one very special night, he hits the Powerball and wins $800 million.
Bob swiftly packs up his family and moves to Hollywood. His wife and kids fall in love with Kim and Kanye’s house as they're driving around in their new Bentley, scoping out the situation. Bob knocks on the door and offers Kanye a deal he can’t refuse.
A deed of release is used to transfer the title of the Kimye home to Bob and his family. It is only used to transfer the title, which would commonly be held by a bank, once the mortgage has been fully paid. Since Bob is completely loaded, he pays cash for the home and the deed of release is used right away, and the title is all his.