Asked by
praveen brilliance
on Dec 18, 2024
Verified
Jared engaged Mackenzie as his lawyer to handle a real estate purchase on his behalf. Mackenzie examined the title to the property and discovered that the land was subject to a registered outstanding mortgage in favour of Steven. If Jared wishes to purchase the property subject to Steven's mortgage, he would only pay the vendor the difference between the mortgage value and the purchase price.
Registered Outstanding Mortgage
A mortgage that is officially recorded and remains unpaid or not fully discharged.
Mortgage Value
The amount of money lent by a mortgagee (lender) to a mortgagor (borrower) for which the property is used as security.
Purchase Price
The amount of money paid to buy a particular product or service.
- Understand the importance and method of conducting a title search and eliminating any liens before finalization.
- Pinpoint the required documents and searches for the closure of a real estate transaction.
Verified Answer
UU
Learning Objectives
- Understand the importance and method of conducting a title search and eliminating any liens before finalization.
- Pinpoint the required documents and searches for the closure of a real estate transaction.