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20 Cards in this Set
- Front
- Back
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Mortgagor
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The borrower under a mortgage
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Mortgagee
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The Lender under a mortgage
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Trustee
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Under a deed of trust, a neutral third party who holds naked title
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Trustor
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The Borrower under a deed of trust
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Beneficiary
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The lender of a note or deed of trust.Also one who benefits from will, insurance policy, trust or other contract.
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Vendor
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The seller under a contract of sale (land contract)
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Vendee
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The buyer under a contract of sale (land contract)
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Grantee
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The person receiving the property
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Grantor
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The person transferring or conveying the property
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Grant deed
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A deed where the grantor guarantees that he has not already conveyed the property to some one else and will convey to the grantee any title to the property acquired later
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Mortgage
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A two party security instrument-pledging land as security for performance of an obligation
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Land contract
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A contract or the sale of real property-seller gives possession but keeps title until paid in full. contract of sale
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Lessee
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the person acquiring an estate or years
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Lessor
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the person transferring an estate or years.
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deed of reconveyance
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a document used to transfer title from trustee(lender) to trustor(borrower)after debt secured by deed of trust is paid
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Deed of trust
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A third party security instrument conveying title to land as security for performance of an obligation. also a trust deed
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security instruument
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legal document given by borrower to lender pledging title of property to lender for collateral for the loan
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security agreement
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a document usually used to secure a loan on personal property
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financing statement
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notice filed with county recorder by creditor who gave credit to someone to purchase personal property
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reconveyance deed
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deed issued to convey the property to the original owner once the loan is paid. conveys title from trustee to the borrowe r(trustor)
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