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– Assignment: Transfer of the property related right
– Chattel Mortgage: Mortgage on personal property
– Construction loan: Interim financing during the course of construction
– Contract of sale / Agreement of Purchase And Sale: Agreement of Purchase and sale defining the terms and all essentials in the sale
– Deed: Instrument conveying the title or perhaps an interest in real-estate
– Deed of trust / Escrow: Conditional execution and deposit of an written instrument
– Estoppel certificate / Status certificate: A written instrument that could limit the responsibility of the parties involved as well as the rights of third parties. It may be used to verify the status with the property like its mortgage and in case of your condominium the operational, legal and financial dimensions in the condominium corporation.
– Extension agreement: An instrument that extends the terms with the agreement
– Installment contracts: An instrument that stipulates periodic payments from the buyer for securing the deed of a property.
– Lease: An instrument that binds the lessee and the lessor of for the stated time period.
– Mortgage: An instrument that secures the interest with the lender in the subject property
– Mortgage bond / Note / / An Instrument that with a promise to Pay:
– Option on real estate: An instrument which gives replacement for the purchaser or even the lessee to exercise certain rights relating to buying or leasing of the subject property
– Release from the current contract: An instrument that releases either parties from a previously signed agreement.
– Subordinate agreement to the of the foregoing instruments: An instrument which makes the first sort lien a second lien.
– Title policy or title insurance: An insurance policy that guarantees the title of an property
Make sure you shop around. It is important when handing over large amounts of cash for some time term contract that you discover anything you can about the company you wish to take care of, the policy that you simply have been offered and all sorts of terms and conditions because policy. Would you get a car without having done any a little research beforehand?
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