Before you lend money to someone to buy real estate, secure the loan with these downloadable, customizable Mortgage Forms.
According to Wikipedia.com, the word 'mortgage' is French for 'death contract'. As ominous as that may sound, it merely means that the charge against the land which was created by the mortgage ends (dies) when the debt that it secures is paid or, alternatively, if the property is foreclosed.
Few individuals or businesses can afford to buy real estate without getting a loan to fund the purchase. Because the amount being borrowed is so high, the only collateral of sufficient value that can adequately secure the repayment of the debt is the property itself.
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.....
A collateral mortgage can be used to secure a line of credit, a revolving loan, or other credit facility where the balance owing changes from time to time. Use this template Collateral Mortgage and Promissory Note for credit facilities in Alberta.
The borrower is responsible for insuring, repairing, and maintaining the mortgaged property and for paying all taxes and assessments.
The lender is appointed as the borrower's attorney (agent) for the purpose of recovering a.....