A contractual agreement over the sale of property where the person buying the property makes payments over time directly to the seller of the property. The Seller generally stays in title until the debt is paid off, at which point the property gets deeded to the Purchaser of the property.

A document specifying the terms of repayment of a debt between the person buying the home and the seller of the property. They are secured by a Mortgage, Deed of Trust, Security Deed, or whatever security instrument offered by the state the property is located in.

A document specifying the terms of repayment of a debt between the person buying the home and the seller of the property. They are secured by a Mortgage, Deed of Trust, Security Deed, or whatever security instrument offered by the state the property is located in.

This and others such as Mortgage, Security Deed, Trust Deed, and so on are what are referred to as Security Instruments. They secure the “Note”, which specifies repayment terms of the debt, to the property.