2) Explain the “Abstract and Opinion” method?

3) Explain what is meant by the term assumption of a mortgage?

4) Under what circumstances would a buyer use seller financing?

Expert Solution

2. Abstract and Opinion method:

When an abstractor searches public records to find if there are any defects affecting the title, he/she will examine documents in the office of the recorder and also in government offices. He/ she will finalize several documents affecting the property and arrange in an order of the recording, starting with the original grant of the title. Once the search is finished, abstractor or a lawyer will analyze all these documents to formulate an opinion on the quality of the study.

3. Assuming a mortgage loan means transferring the terms and balance of the mortgage loan to the purchase of a property, with almost no changes in terms and interest rate.

4. Seller financing is the loan given to the buyer by the seller of the property. This situation will arise when the credit rating of the buyer is low and the buyer didn't get a mortgage loan from a bank. Sometimes seller financing arises when the seller wants regular income in the form of EMI from the buyer instead of a one-time payment at the time of sale.

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