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The respondent sold the house at Romford. 39, Broadhurst Avenue was bought at the price of £5,600. £2,400 came from the net proceeds of sale of the Romford house, and the balance of £3,200 was raised on mortgage. The conveyance was taken in the name of the respondent alone and the mortgage deed was executed by him alone.
Once you pay off your mortgage, the mortgage lender — also referred to as the “trustee” — creates the deed of reconveyance document. The lender then signs this document and has it notarized.
Therefore, it behooves purchasers and mortgage lenders to record their deeds or mortgages, respectively, to prevent this outcome. Once an instrument affecting the title to real estate has been recorded, the law holds that everyone is deemed to know of its existence, even if they have not searched the records in the recorder's office.
Widespread lack of clarity in chain of title results from a 1995 decision by many lenders to rely on a third entity—often, a specific company, Mortgage Electronic Registration Systems (MERS)--to hold title nominally, in an effort to enable the buying and selling of mortgage liabilities without registration of changes of ownership with local ...
A first mortgage is the primary or original loan on a home, typically what was used to buy the property. First refers to not only the order in which the loan was obtained, but also the lender's ...
A different document called a deed is used to convey real estate. In a real estate contract, the type of deed to be used to convey the real estate may be specified, such as a warranty deed or a quitclaim deed. If a deed type is not specifically mentioned, "marketable title" may be specified, implying a warranty deed should be provided.