tailieunhanh - HandBook Financing Secrets of a Millionaire Real Estate Investor_1

Thị trường bất động sản của Mỹ vẫn mạnh mẽ ngay cả trong suy thoái kinh tế 2001-2002, và nhu cầu dự kiến sẽ tăng. Nghiên cứu cho thấy rằng người tiêu dùng đang nhảy trên bandwagon bất động sản như bao giờ hết, cả hai như là nhà đầu tư và là người mua nhà. | CHAPTER A Legal Primer on Real Estate Loans If there were no bad people there would be no good lawyers. -Charles Dickens Before we discuss lenders loans and loan terms it is essential that you understand the legal fundamentals and paperwork involved with mortgage loans. By analogy you cannot make a living buying and selling automobiles without a working knowledge of engines and car titles. Likewise you need to understand how the paperwork fits into the real estate transaction. Without a working knowledge of the paperwork you are at the mercy of those who have the knowledge. Furthermore without the know-how your risk of a large mistake or missed opportunity increases tremendously. What Is a Mortgage Most of us think of going to a bank to get a mortgage. Actually you go to the bank to get a loan. Once you are approved for the loan you sign a promissory note to the lender which is a legal promise to 11 12 FINANCING SECRETS OF A MILLIONAIRE REAL ESTATE INVESTOR pay. You also give the lender not get a mortgage as security for repayment of the note. A mortgage also called a deed of trust in some states is a security agreement under which the borrower pledges his or her property as collateral for payment. The mortgage document is recorded in the county property records creating a lien on the property in favor of the lender. See Figure . If the underlying obligation the promissory note is paid off the lender must release the collateral the mortgage . The release will remove the mortgage lien from the property. If you search the public records of a particular property you will see many recorded mortgages that have been placed and released over the years. Promissory Note in Detail A note is an IOU or promise to pay it is a legal obligation. A promissory note also known as a note or mortgage note spells out the amount of the loan the interest to be paid how and when payments are made and what happens if the borrower defaults. The note 2 A Legal Primer on Real Estate Loans