Satisfaction of Mortgage
A document signed by a lender attesting that a mortgage has been paid in full, and which must be then recorded by a County Recorder or Recorder of Deeds in order to clear the property title for the owner who has paid off the debt.
Money that is given by a business to a particular customer with preference over the general public, or by a sub-contractor to a general contractor that is not reflected on a job estimate. In most states, both practices are illegal, unfair business practices and are subject to criminal penalties or the refusal of a court to enforce any contract, whether written or oral in nature, that contains such a provision.
Refers to a mortgage that is 90 days or more past due.
The distance between a property line and the area where construction can actually take place, used to assure that space exists between buildings and away from roads, for drainage, utilities, or any other necessary purposes.
Required by the Real Estate Settlement Procedures ACT, or RESPA, an itemized document of all services and charges related to the closing of a property exchange. A buyer has the right to examine this statement 1 day before close of sale.
An agreement between parties that is comprised of multiple, separate agreements; a breach of one agreement, or contract, is not considered a breach of all contracts, and may not be used as an excuse for the other party to refuse to honor portions of the contract that have not been breached.
An option for the mitigation of loss in which a lender creates a revised payment plan for a borrower that may include a temporary reduction or suspension of monthly payments on a loan.
A term used in the finance industry to describe loans that have less restrictive lending and underwriting terms and conditions and, due to a higher risk of default, enable lenders to charge higher interest rates and fees.
Refers to labor used to build or improve a property that is considered to be part of a down payment.