Have you ever talked with someone? They continuously use terms specific to industry and hobby, but I do not know its meaning. Sometimes, they seem to be using this language to build their ego. Has it ever happened to you? I know that it has for me, it is a bit annoying.
Well guess what? I learned that I did the same thing the other day.
What happened here: One of my subscribers made this question to me. "What will happen if you and the delegate reach an agreement on the purchase price of the quarantine station and later find out that there is an unpaid mortgage of property that exceeds the price you agreed to pay?
My subscriber wanted to know if he was buying real estate.
My answer is "Do not pass license as title" Come on, please tell me that the correct answer is to you. But can you see if it might not be fully understood by everyone? That is the word "real estate industry" if you know what I mean.
So, I look guilty as a paid Perry Mason!
If you are surprised by this same question, this should clear it for you for what I should have answered.
First of all, mortgages are security interests. In other words, lenders who lend money to purchase real estate will always submit mortgages to real estate to the county to protect their own interests. In a very simple language you will notify people who are trying to purchase this real estate in the future will not be able to sell until the original lender is fully paid. Next, the security interest is deleted.
So, when you buy real estate for Probate, do not forget to tell your title company (always saying to use a title company, or if you live in a state to close using lawyers, real estate attorney We will use the so-called interim title report. In many cases, you listen to real estate People call this "predecessor".
One of the things the Prophet shows to you is any collateral that still exists for that property. In purchasing most test products, the housing is free and clear, so there is no mortgage. But why do you know why this is so important?
Let me give you an example.
What happens if you and your representative agree at a purchase price of $ 175,000? However, when you receive prepayment you will find that there is still an existing mortgage of $ 200,000. Are you in charge of the mortgage by the buyer?
Well, please breathe easily people! The answer is to keep a check book in your pocket! The seller has to pay!
I remember real estate technical terms I used for answers. "Well, does not Ryan put on a title? Well, it really means that all the licenses must be paid by the seller before you can receive the title for the new estate.They You can not pass.
So you can not be stuck. Are you breathing a little easier?
Oh, by the way, the legal terms used to pay mortgages are "satisfied". It does not happen for you who have been plagued by existing mortgage loans!
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