B-Definitions 2016-10-14T16:26:34+00:00

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BENEFICIARY
In a Trust Deed, the lender is designated as the beneficiary. He obtains the benefit of the security.

BENEFICIARY’S STATEMENT
A report from the lender, usually in writing, setting forth the terms and conditions of a loan already of record, such as amounts still owed, interest rate, monthly payments, etc.

BILL OF SALE
A document that attests to the transfer of ownership of personal property.

BORROWER
One who obtains a loan and owes money to a lender.

BUYER

One who purchases or acquires property.