When Should a Purchase Money Mortgage Properly Be Recorded

question 41

Multiple Choice

When should a purchase money mortgage properly be recorded?

• A) Before the deed
• B) After the deed
• C) At the same moment as the deed
• D) Upon full payment

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Definitions:

Improper Presentment

Refers to the incorrect or invalid presentation of a document or piece of evidence in a legal proceeding.

On Time

The state of completing or arriving at a specified action or event at the scheduled or expected time.

Accommodated Party

In financial transactions, the party whose benefit a guarantee or letter of credit is issued, thus facilitating their access to credit.

Accommodation Party

An individual who signs a negotiable instrument on behalf of another party, typically to lend them their credit without receiving personal benefit.