A type of financing in which one person may take over the mortgage from another. For example, Buyer 1 wants to buy a house, so he takes out a mortgage (borrows money from the bank to pay for the house). If Buyer 1 wants to sell the house to Buyer 2...
mortgages
Assume
Definition from Nolo’s Plain-English Law Dictionary1) To take over another person's rights and/or obligations. For example, one person might assume another's car lease, residential lease, or debt. 2) In bankruptcy, for the bankruptcy trustee to take over...
Assumption
Definition from Nolo’s Plain-English Law DictionarySee: assume, assumption of risk
Definition provided by Nolo’s Plain-English Law Dictionary.
Attached
Definition from Nolo’s Plain-English Law Dictionary1) In real estate, when equipment, shelving, or furniture is solidly incorporated into a structure, such as bolted to the floor or wired to the ceiling (and not capable of being removed without damage to...
Attachment
An attachment is a court order seizing specific property. Attachment is used both as a pre-trial provisional remedy and to enforce a final judgment.
Sometimes, courts attach a defendant's property as a provisional remedy to prevent the...
Balloon Mortgage
A balloon mortgage is a mortgage whose payments are not large enough to pay off the entire mortage during its amortization period. Thus, the borrower must make an extra-large payment at the end of the amortization period to fully pay off the loan. For...
balloon payment
The final, oversized payment due at the maturity date of a loan. Typically used in car or home loans, the balloon payment consists of the remaining balance due under a loan, including any unpaid principal and interest.
biweekly mortgage
A twist on the standard mortgage in which payments are made every other week, as opposed to the traditional payment schedule of once a month.
bottomry
Definition from Nolo’s Plain-English Law DictionaryA contract, similar to a mortgage, in which a ship and/or its freight is pledged as security for a loan to finance repairs, equipment, or the cost of a journey. The contract is generally called a "...
Cap
Definition from Nolo’s Plain-English Law DictionarySlang for maximum, as the most interest that can be charged on an adjustable rate promissory note.
Definition provided by Nolo’s Plain-English Law Dictionary.