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Questions in Cont VocabThe act of transferring property to another.
Alienation may be voluntary, such as by sale, or
involuntary, such as through eminent domain. Alienation Clause in a mortgage instrument that does not allow the borrower to sell (without lender approval) on assumption or contract-for-deed. If an attempt is made to do so without prior approval, all of the mortgaged balance becomes due on the sale of the property. Alienation clause The laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition. Antitrust laws A provision in a will providing for the distribution of personal property. Bequest Belonging to; incident to; annexed to. Appurtenant An instrument used to create a lien by which the mortgagor conveys his title to a trustee, who holds it as security for the benefit of the noteholder. Deed of Trust aka Trust Deed A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area. Grandfathered in Nonconforming use A means of settling a controversy between two parties through the medium of an impartial third party whose decision on the controversy (if agreed upon) will be final and binding. Arbitration The transfer of title to property to a grantee, by which the grantee assumes liability for payment of an existing note secured by a mortgage against the property. Should the mortgage be foreclosed and the property sold for a lesser amount than that due, the grantee/purchaser who has assumed and agreed to pay the debt secured by the mortgage is personally liable for the deficiency. Before a seller may be relieved of liability under the existing mortgage, the lender must accept the transfer of liability for payment of the note. Assumption of mortgage A loan that connects the sale of property. The loan is a type of short-term loan, typically taken out for a period of 2 weeks to 3 years pending the arrangement of larger or longer-term financing. Bridge loan 59 total Questions 1 2 3 4 Next > [Last Page]
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