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wrap-around contract

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06:19 Sep 1, 2006
This question was closed without grading. Reason: Errant question

English to Russian translations [PRO]
Bus/Financial - Law: Contract(s)
English term or phrase: wrap-around contract
http://www.robertgallen.com/nothingdownrealestate.php

If the real estate property is free and clear at the time of purchase, the seller pockets all the installment payments on the contract if there are existing encumbrances on the real estate property. Then the contract is referred to as a wrap-around contract or wrap- around mortgage. It "wraps around" the existing first and subsequent mortgages or trust deed. When the seller receives the installment payments, he has to first make payments on the existing notes before he can pocket the rest.
Natalya A
Local time: 09:33
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