Stipulation in a mortgage agreement that allows the lender to demand immediate payment of the entire loan balance if any scheduled payment is missed.
|Adjustable rate mortgage (ARM)
Mortgage loan on which the interest rate falls and rises with changes in prevailing rates. The mortgage rate is tied to a selected index and may be adjusted annually. Also called a variable rate mortgage.
Person authorized to act by and on behalf of another.
Right to occupy and use the open space above a parcel of land or property, such as in the leasing of air space over existing buildings or highways.
Pay a debt in monthly or other periodic installments until the total amount, along with the interest, if any, is paid.
|Annual percentage rate (APR)
Combines the interest rate with other loan costs, such as points and loan fees, into a single figure that shows the true annual cost of borrowing.
A formal estimate of property value conducted by a professional qualified to make such an opinion.
Increase in property value or worth due to economic or related factors; the opposite of depreciation.
Said of property offered for sale in its present condition with no guarantees as to quality and no promise of repair or fix-up by the seller; property is purchased in exactly the condition in which it is found.
A value placed on a property by an agency of the government for taxation and other purposes.
Tax or charge levied on property by a taxing authority to pay for local improvements such as sidewalks, streets, and sewers.
|Assumption of mortgage
Taking title to property that has an existing mortgage, and being personally liable for its payment as a condition of the sale.