Asked by Himjay Justo on Jun 30, 2024
Verified
A written instrument giving a creditor an interest in the debtor's real property as security for a debt is called a(n)
A) contract.
B) agreement.
C) mortgage.
D) loan.
Creditor
An individual or entity to whom money is owed by another party, known as the debtor.
Mortgage
A legal agreement by which a bank or creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
Debtor
An entity or person that owes money to another party.
- Grasp the necessary components and judicial requirements for a real estate deal, incorporating bids, endings, and the escrow function.
Verified Answer
BT
Brittany tomlinJul 07, 2024
Final Answer :
C
Explanation :
A mortgage is a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
Learning Objectives
- Grasp the necessary components and judicial requirements for a real estate deal, incorporating bids, endings, and the escrow function.