Mortgage note. Here, you agree to your mortgage terms and conditions, as well as penalties in case you are not able to pay duly and on time. Deed of trust. In real estate, a deed of trust or trust deed is a deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan (debt) between a borrower and lender . Th e equitable title remains with the borrower. Cert ifi cate of Occupancy (new houses only). Th e Cert ifi cate of Occupancy provides authorization from the local government for a building to be used as a public e difi ce or as a private residence. Th e cert ifi cate provides ver ifi cation that the building is in full compliance with current building codes and is safe for occupancy. Th is type of cert ifi cate is issued by the local government whenever a new building is constructed within city limits. Inspections are conducted to ensure the basic construction, wiring, plumbing, and other elements of the building are up to code, and can be cert ifi ed as being safe for occupation. Note: Don’t sign anything if it is unclear to you, diff erent from what you agreed to, or just seems wrong. Ensure you understand exactly what you are signing and how your payments will be distributed over time. Charges change diff erently over time, depending on the mortgage type, and may also depend on your insurance or taxes. THINGS THAT CAN DISRUPT YOUR DEAL Until the closing statement is signed by both you and the seller, nothing is certain. Here’s a list of common areas that buyers don’t think about, but that can lead a lender to move from a “yes” to a “no,” even if they seem insign ifi cant to the buyer.
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