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Mortgages -- Satisfaction
When a borrower pays off a mortgage or deed of trust, the lender on the mortgage or deed of trust must record a notice that it no longer holds a security interest in the mortgaged property. The laws governing such notifications vary from state to state, and the laws of each state must be consulted individually for further details. A satisfaction of mortgage may also be known as a release or cancellation.
Preparing to Sell Your Home
So you have decided to sell your home! With so much to do, it is often difficult to determine where to start. In the way of a few helpful suggestions to make the process more manageable, you might consider the following:
Wrap-Around Mortgages
A wrap-around mortgage refers to a type of loan transaction. With a wrap-around mortgage, a lender (often the seller of property) assumes or continues responsibility for an existing mortgage and makes a new mortgage for an additional sum which essentially "wraps" around the old mortgage, because the lender will make the payments on the old mortgage.
Bailments
A bailment is created when, coupled with the intent to possess certain property, the bailee accepts the actual physical possession and control of the property. In the example, the bailment is created when the dry cleaner accepts the man's suit with the intent to possess the suit.
Real Estate Broker and Agent -- Definitions and Licensing
Real estate agents are sales persons who usually work for a broker in exchange for a portion of the commission earned by the agent on a sale or purchase of real estate. Brokers usually work out of an independent business and arrange for sales of real estate.
