From: Andrew S
I am curious as to the concept of "wraps" (yes again).
I am having a little trouble getting my head around the concept of buying a property with finance from a bank. The bank retains the title. Then I sell the property before the title is in my possession, with the bank maintaining a significant interest in the house?
At what stage does the title get transferred? Does the title remain with the bank until the mortgage is repaid, and then the title transfers from the bank, to me, then to the purchaser?
Or am I way off the mark?
Regards
Andrew
I am curious as to the concept of "wraps" (yes again).
I am having a little trouble getting my head around the concept of buying a property with finance from a bank. The bank retains the title. Then I sell the property before the title is in my possession, with the bank maintaining a significant interest in the house?
At what stage does the title get transferred? Does the title remain with the bank until the mortgage is repaid, and then the title transfers from the bank, to me, then to the purchaser?
Or am I way off the mark?
Regards
Andrew
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