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Due on sale
Due on sale A covenant that makes a mortgage due if the property is sold before the maturity date
RELATED TERMS--------------------------------------
Covenant
A written agreement inserted into deeds or other legal instruments stipulating performance or non-performance of certain acts, or use or non-use of a property and-or land
Mortgage
A legal document pledging property as security for the payment of a loan.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Maturity
The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.
SIMILAR TERMS--------------------------------------
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.
PREVIOUS AND NEXT TERMS--------------------------------------
Dual agency
An agency relationship in which the agent acts concurrently for both principals in a real estate transaction.
Dual agent
An agent representing both parties in a transaction.
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
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
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.
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.
This dictionary contains 6433 terms. |
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