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Due-on-sale-clause
Due-on-sale-clause This clause effectively eliminates the possibility of the new buyer's assuming the mortgage unless the mortgagee permits the assumption, in which case the mortgagee might increase the interest rate or charge as assumption fee.
RELATED TERMS--------------------------------------
Mortgage
A legal document pledging property as security for the payment of a loan.
Mortgagee
The lender in a mortgage agreement.
Assumption
Occurs when the seller's outstanding mortgage is passed over to the buyer of the property.
Interest
Money paid to a lender as compensation for money that is borrowed.
Rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
SIMILAR TERMS--------------------------------------
Due-on-sale provision
This is a clause that insists the mortgage must be repaid in the event that the property is sold.
PREVIOUS AND NEXT TERMS--------------------------------------
Dual representation
A broker or salesperson representing both buyer and seller in the same transaction.
Duct
Any kind of pipe or channel that carries water, wiring or conditioned air through a house.
Due diligence
Activities carried out by a prospective purchaser or mortgager of real property to confirm that the property is as represented by the seller and is not subject to environmental or other problems.
Due on sale
A covenant that makes a mortgage due if the property is sold before the maturity date
Due-on-sale provision
This is a clause that insists the mortgage must be repaid in the event that the property is sold.
Due-on-sale-clause
Dump
A land site where wastes are discarded in a disorderly or haphazard fashion without regard to protecting the environment.
Duplex
A structure that provides housing accommodations for two families and supplies each with separate entrances, kitchens, bedrooms, living rooms and bathrooms.
Duress
Unlawful constraint or action exercised upon a person whereby the person is forced to perform an act against his or her will.
Dutch colonial style
A design that features barn-like gambrel roof, a ground-level front porch, and dormers.
Dwelling
Any building, structure or part thereof used and occupied for human habitation or intended to be so used, including any appurtenances.
This dictionary contains 6433 terms. |
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