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Repossession
Repossession Usually occurs after a borrower seriously defaults on payments. The lender then legally evicts the borrower and usually auctions the property to recover losses.
RELATED TERMS--------------------------------------
Borrower
A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
Lender
A term which can refer to the institution making the loan or to the individual representing the firm.
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.
SIMILAR TERMS--------------------------------------
PREVIOUS AND NEXT TERMS--------------------------------------
Repayment plan
An arrangement made to repay delinquent installments or advances.
Replacement cost
The estimated current cost to construct a building with utility equivalent to the building being appraised, using modern materials and current standards, design and layout.
Replacement property
The property acquired in the exchange.
Replacement reserve fund
A fund set aside for replacement of common property in a condominium, PUD, or cooperative project -- particularly that which has a short life expectancy, such as carpeting, furniture, etc.
Replacement reserves
An allowance that provides for the periodic replacement of building components that wear out more rapidly than the building itself and must be replaced during the building's economic life.
Repossession
Representation agreement
A mutual contractual agreement between the agency and the client committing services and fiduciary duties to the client.
Reproduction cost
The construction cost at current prices of an exact duplicate of the subject property.
Request for proposal (RFP)
A formal request, issued by a plan sponsor or its consultant, inviting investment managers to submit information on their firms' investment strategy, historical investment performance, current investment opportunities, investment management fees, other pension fund client relationships, etc.
Resale value
The sales price that would be negotiated by a willing seller and buyer for an existing home or property.
Rescind
To annul, cancel.
This dictionary contains 6433 terms. |
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