RDC Tdx Mortgage Information on Teledex

Mortgage Information on Teledex

Real Data Corp reports mortgages associated with transfers of real property that were recorded at the same time as the deed. We do not now report refinancings or mortgages that were associated with transfers showing minimum consideration or less. If we did not find any mortgage(s) associated with the deed, the notation NONE appears in the Mortgage 1 field on the Detail Page. For more information about how we report mortgage information, click on a topic in the index below or simply scroll through this page. All of the links in the index point to topics on this page. Printing this page will print all the indexed topics.

Index

Sales involving a single mortgage
Multi-mortgage sales
The [Subject to] notation on Teledex
Mortgage information not available
The Mortgage/price relationship
Legal Implications of Teledex mortgage information

Sales involving a single mortgage

Most sales involving a mortgage have only a single first mortgage. This mortgagee name and the amount will appear in the Mortgage 1 field on the Detail Page. If the registry records indicated that sale took place subject to an existing mortgage, the notation [Subject to] will appear instead of the mortgage amount. Note that the [Subject to] notation is also used on related parts of so called multiple parcel sales. [Subject to] has different implications in this multiple parcel context.

Multi-mortgage sales

If the more than one mortgage was associated with the sale, one of the mortgagees and the associated amount will be listed in the Mortgage 1 field. If there was a single additional mortgage, that mortgagee and the associated amount will be listed in the Mortgage 2 field.

Sales can have a new mortgage and also be subject to an existing mortgage. In these cases, one of the mortgage fields will show the amount of the new mortgage and the other will include the notation [Subject to] instead of the mortgage amount. Note that the [Subject to] notation is also used on related parts of multiple parcel sales. [Subject to] has different implications in this multiple parcel context.

If there are more than two mortgages associated with the sale, one of the mortgages will be listed in the Mortgage 1 field. The sum of the amounts of the remaining mortgages will appear in the Mortgage 2 field with the notation [Multiple mortgages] instead of the mortgagee name.

The [Subject to] notation on Teledex

[Subject to] in the mortgage amount section can have several different meanings on Teledex depending upon the circumstances of the sale.

In most cases [Subject to] simply means that the property passed subject to an existing mortgage.

Sometimes the parties pass multiple deeds to different parcels at the same time and record one associated mortgage. The associated mortgage clearly intends to include all these separately deeded parcels as security. In this case each deed will have a separate record on Teledex. To avoid giving the impression that there were separate mortgages, we list the mortgage amount on one of these records and put the [Subject to] notation in place of the mortgage amount on all the associated records. To the extent possible, we attempt to cross-reference the related records. For information about how to find all the related records that make up such a sale see How Do I Find The Related Parts of an MPC sale?

For reasons discussed in Multiple Parcel Conveyances we occasionally create more than one record in our database even though only one deed was involved. As described in the previous paragraph, we want to avoid giving the impression that each of these records were separate sales with separate mortgages. We therefore, list the mortgage amount on one of these records and put the [Subject to] notation in place of the mortgage amount on all the associated records. For information about how to find all the related records that make up an MPC sale see How Do I Find The Related Parts of an MPC sale?

Mortgage Information Not Available

On rare occasions, there will clearly be a mortgage but either the mortgagee name or the amount will not be given, In these cases, we simply put N/A in the appropriate place.

The Mortgage/Price Relationship

Mortgages often equal or exceed the purchase price. This happens for many reasons. Here are several of the most common.

The sale itself might not have been an arms-length transaction. If the transferred property was worth more than the price paid, that additional value could have been used as security by the buyer.

If the buyer of a lot intends to build on the lot immediately, a construction loan is often recorded at the same time as the deed to the lot.

Other property already owned by the buyer is often given as security in addition to the newly acquired property.

If possible, we try to give some indication as to what is actually happening.

See Prices on Teledex for more information on how we report prices.

Legal implications of Teledex mortgage information

Real Data Corp is not a credit reporting agency. We publish summaries of public record filings. We make no representations about any credit issues relating to the buyer or seller or any other party to the transaction. Our reporting of mortgage information is intended only to let you know that mortgage activity took place at the time that the deed was filed. We are not able to and we do not research the legal status of any mortgages that are filed or assumed. In spite of any implications to the contrary, we do not know or report if a mortgage was a "first" or "second" mortgage or where any mortgage stands with respect to any other mortgage or any other liens (if any ) on the property. See the Teledex Subscription Agreement and Terms of Use..