Mortgages and Agreements for sale

Question 1

A carryback document between buyer and seller. The seller does not give a deed to the buyer until paid in full; therefore, the seller retains legal title, and the buyer has equitable title.

Answer 1

Agreement for sale Dash also called land contract, contract for the sale of real estate, installment sale, contract for deed, or vendors lien

Question 2

Occurs when a borrower performs according to the terms of a security instrument requiring the acknowledgment of the lender

Answer 2

Defeasance

Question 3

Any present right to acquire legal title to property

Answer 3

Equitable title

Question 4

The seller’s interest in property under a contract for sale

Answer 4

Legal title

Question 5

A security instrument that creates a voluntary lean on real property to security payment of a debt

Answer 5

Mortgage

Question 6

A document that a creditor gives to a borrower upon the full repayment of a loan, releasing the mortgage lien; it should be recorded

Answer 6

Satisfaction of mortgage

Question 7

The buyer in an agreement for sale or land contract

Answer 7

Vendee

Question 8

The seller and an agreement for sale or land contract

Answer 8

Vendor