Right now the legal description of the 2 units are "789 CONDO UNIT A PER CDO INSTR# 123456789" and "789 CONDO UNIT B PER CDO INSTR# 123456789" where the instrument #123456789 is a recorded 87 page HOA doc including all regulations, definitions, HOA hazard insurance, HOA fee, voting, bylaw, site plan, survey, etc.

With that said, I'm not your lawyer.In the world of capital, your capital stack will be composed of debt or equity or a hybrid instrument (a bit of both). 

@Cody Lewis @Coty Dolan Not to derail from Coty's initial question...but I would be curious to understand any instruments to use when receiving private funds from a lender?

My agent is knowledgeable, thorough, and instrumental in all the transactions I do.

I understand how the security instrument of the note and mortgage.  

Yeah, I do lean towards you being right, since the deed representing a parcel without regard to its use is really the financial instrument transferred, and whatever happens on the land arguably falls under that umbrella and can't really be separated out.

Right now even junk bonds are only paying 4% on average, so where is the seller going to get better yield elsewhere on a fixed income instrument that is collateralized by an asset they know and understand with an operator (you) that they know, like and trust?

The current owner has to provide permission (by signing on the instrument to add you to the title) but no waiting or anything.

Check with your mortgage broker to see what you may need to provide if you are on the deed... but I'm reasonably sure you will be asked to sign the security instrument (mortgage or deed of trust) since this appears to be a requirement in the Fannie Mae Selling Guide.

Nobody on this site can answer this question without seeing the actual instrument (and perhaps more).