Land and Building Regulation:Methosd of transferring title to property

Question 1

Deed

Answer 1

A document conveying property from one owner to another.

Question 2

Grantor

Answer 2

the seller of a property

Question 3

Grantee

Answer 3

the buyer of a property

Question 4

Mortgage

Answer 4

A contract where the buyer of a property borrows money from a bank to purchase property pledges the property as security for the loan. The lenders usually lend up to 80 to 90 percent of it. The rest is down payment by the buyer to seller. Once the mortgage is paid off the lender has ownership to the title of property

Question 5

Deed of trust

Answer 5

Buyer borrows money from lender, who transfers it to seller who then gives a deed to buyer. The buyer intstead of giving a mortgage to lender transfer tottle to a fourth party called trustee, trust of deed. Then trustee transfers to buyer

• Typically used in West and South
• Property may have more than one debt against it

Question 6

Power of Sale Clause

Answer 6

Without any necessary court proceedings, forclosure can be accomplished.