An indenture is a legal contract, typically written on parchment or paper with indentations at the edges, hence the name. It is commonly used in real estate transactions, particularly in the context of mortgages and deeds. An indenture outlines the terms and conditions agreed upon by the parties involved, such as the borrower and lender in a mortgage agreement or the grantor and grantee in a deed. It serves as evidence of the agreement and is often signed and sealed by the parties to make it legally binding. Additionally, indentures may include provisions for the transfer of property rights, repayment terms, and other important details relevant to the transaction.
An indenture is defined as the terms of an agreement between buyer and seller over a bond or mortgage transaction.
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This glossary post was last updated: 29th March, 2024.
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