Mortgage Law Flashcards
Title
Abstract term denoting ownership
Deed
A document providing evidence of ownership
Hypothecate
Giving collateral for security without giving up possession
Pledge
Giving something as security and giving up possession
Equitable title
After a purchase agreement has been saying, the seller holds title in name only, without full ownership rights. However, the buyer and I’ll hold equitable title, which gives him the right to transfer his rights as a buyer assignment.

Title theory
The mortgagee, the lender, holds title, and if the home is repossessed, get any excess after the homes sold in a foreclosure sale
Lien theory
The mortgagor, the owner, holds title, gets any excess, if the property is sold out, a foreclosure, auction after the lines have been paid off
Estoppel certificate
Current information regarding alone, given by the lender in response to a release, signed by the borrower or an order from the court
Promissory note
A contract documents. How are evidence of the loan? It indicates how much is borrowed the payment, the interest, the amortization turns, etc.
Mortgage
A document called a mortgage is given as a security for a note. Though a note is valid without a mortgage a mortgage has no purpose or function without a note.
Mortgagor
Borrower
Mortgagee
Lender
Trustor
Borrower
Trustee
Third party
Benficiary
Lender
