This Alabama Contract for Deed allows the seller to assist the buyer by carrying part or all of the purchase price. In effect, the seller becomes the mortgage lender for the balance of the purchase money.
Title will transfer to the buyer once the seller has received payment in full of the principal and interest.
The seller has the right to take back the property if the buyer defaults in payment.
At the seller's option, the balance can be repaid by monthly p.....
Alabama mortgage lenders can use this comprehensive template to prepare a mortgage to secure a loan for purchasing a property.
Uniform Covenants: mortgage payments, taxes and insurance, prior charges on the land, hazard insurance, occupancy as principal residence, care and maintenance of the property, protection of the lender's security, etc.
False Information. If the borrower gave any false or misleading information on the loan application, the borrower.....
Because Arizona is a title theory state, mortgage lenders use a Deed of Trust instead of a mortgage to secure repayment of a home buyer's loan.
Under the Deed of Trust, title to the property is transferred to a trustee (often a title company) who holds it until the borrower has repaid the entire amount of the loan, accrued interest, and any charges associated with the loan.
If the borrower breaches the Deed of Trust, the lender gives written notice to the borrower spe.....