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Dragnet clause
Dragnet clause A clause in a mortgage or deed of trust which places the real estate as security for existing debts between the parties.
RELATED TERMS--------------------------------------
Mortgage
A legal document pledging property as security for the payment of a loan.
Deed
A signed, written instrument that conveys title to real property.
Trust
An arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of another, called a beneficiary.
Estate
The ownership interest of a person in real property, also used to refer to a deceased person's property.
Security
The property that will be pledged as collateral for a loan.
SIMILAR TERMS--------------------------------------
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Down drain
A drain pipe or similar conduit to allow water to flow from the rain gutter at the edge of the roof to the ground.
Down payment
The portion of a home's purchase price that is paid in cash and is not part of the mortgage loan.
Down spouts
A vertical gutter that empties water from the roof to the ground.
DOWNREIT
An organizational structure that makes it possible for REITs to buy properties using partnership units. The effect is the same as an UPREIT, however, the DOWNREIT is subordinate to the REIT itself, hence the name.
Downzoning
A change in zoning from a higher to a lower classification or from a more active to less active classification, such as from residential to conservation, or multifamily to single-family use.
Dragnet clause
Drainage
A system of gutters and drainpipes that carry water away from the foundation of a house.
Draw
A payment, made periodically, to a construction contractor or subcontractor as work progresses. A draw is part of a construction loan.
Draw period
On a line of credit, the draw period is the fixed time when a borrower can make withdrawals from the account.
Draws
1) An advancement of money against future earnings. 2) Periodic advances of funds under a construction loan agreement.
Dropped ceiling
A flat ceiling built lower than the original ceiling.
This dictionary contains 6433 terms. |
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