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To create a purchase money mortgage the transaction must meet two requirements. First the money supplied by the lender must be applied to the purchase of the property. Second, the borrower must take title and execute the mortgage simultaneously.

In a traditional mortgage, the bank holds the deed. With a purchase-money mortgage, the seller holds the deed.

A deed of reconveyance refers to a document that transfers the title of a property to the borrower from the bank or mortgage holder once a mortgage is paid off. It is used to clear the deed of trust from the title to the property.

A purchase money mortgage is like any other kind of mortgage, except that the seller is effectively deferring a portion of the purchase price due from the purchaser. In some instances, a loan from a third party enabling the purchaser to purchase real estate is also considered a purchase money mortgage.

When used in these transactions, a purchase-money mortgage performs different functions. For instance, in a land contract, the seller of a piece of land does not pass the legal title to the buyer under the purchase-money mortgage, rather, the buyer enjoys an equitable title based on the seller financing.

A general warranty deed is the most common type of deed used for transferring real estate. It basically promises that: not only does the seller have good and proper title to sell the property, but all the prior owners also had good title, thus making a complete ?chain of ownership?; and.

Sometimes, a person buying real property gives the seller a mortgage on the property as part of the deal to buy the property. This is called a purchase money mortgage, because this type of mortgage usually replaces part or all of the cash that the buyer would otherwise pay the seller.

A Warranty Deed is the best of the best. It protects you from all future and past issues with property title and any outstanding debts or liens.

Title deeds are paper documents showing the chain of ownership for land and property. They can include: conveyances. contracts for sale.

A deed is a special kind of agreement that is binding upon the party executing it from the beginning (at execution) provided it is executed in accordance with all the solemnities required of a valid deed. Major forms of contract explained.