What is the difference between a deed and a mortgage?

A deed and a mortgage are two important documents in property law in Massachusetts. Both are legal agreements with significant implications for both the buyer and seller of the property. A deed is the document which conveys ownership of a piece of real property. The deed typically includes identifying information about the property and the parties that are involved, as well as a description of the boundaries of the property. When the deed is signed, it confirms the transfer of property from one party to another. A mortgage is a loan secured by the ownership of a piece of real property. It is a written agreement between a borrower (the borrower) and a lender (the bank or other financial institution). The borrower agrees to pay the lender the loaned amount plus interest over a period of time (the repayment period). The lender holds a lien on the property, meaning if the borrower fails to pay the loan the lender can foreclose on the property. In summary, a deed is a document that transfers ownership of a piece of real property between two parties, while a mortgage is a loan secured by the ownership of a piece of property between a borrower and a lender.

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