What happens
I am curious to know what happens "legally" in a wrap transaction.
In a normal transaction, the buyers name goes on the property title with a caveat for the mortgage taken to finance the transaction.
If that buyer decides to "wrap" his property, do the new buyers go on the title as well - and if not - what security do they hold for their loan from the vendor?
My head hurts.
I am curious to know what happens "legally" in a wrap transaction.
In a normal transaction, the buyers name goes on the property title with a caveat for the mortgage taken to finance the transaction.
If that buyer decides to "wrap" his property, do the new buyers go on the title as well - and if not - what security do they hold for their loan from the vendor?
My head hurts.