An amount owed to another. See installment loan and revolving liability.
A deed is a signed and usually
sealed legal instrument in writing used to grant a right. Deeds have
historically been part of the broader category of instruments under seal,
requiring only the affixing of a common seal to render them valid. Today,
however, deeds are instruments in solemn form which require the author's
signature and a number of attesting witnesses. A deed is the legal document conveying
title to a property.
A deed given by a borrower to the lender to satisfy a debt and avoid
foreclosure. Also called a "voluntary conveyance."
deed of trust
In real estate, a trust
deed or deed of trust,
is a document wherein specific financial interest in the title to
is held by a trustee, which holds it as security for a loan
Failure to make loan payments on a timely basis or to comply with other requirements of a
Failure to make mortgage payments when due.
A sum of money given to bind the sale of real estate, or a sum of money given to ensure payment or an advance of funds in the processing of a loan. See
earnest money deposit.
A decline in the value of property because of physical or economic changes such as wear and tear; the opposite of appreciation.
Amounts paid to the lender at origination to lower the rate on the face of the note. See
A down payment is the part of the purchase price of a property that the buyer pays in cash and does not finance with a home loan.
The time period in which the borrower may access and use a line of credit.
A provision in a mortgage home loan that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the loan.
This terminology is usually used for second mortgages. See due-on-sale provision.