mortgages

Encumbrance

Definition from Nolo’s Plain-English Law DictionaryAny claim or lien on real estate. Examples include mortgages, deeds of trust, tax liens, mechanic's liens, easements, and water or timber rights. Documents showing encumbrances are usually recorded in the...

Equity of Redemption

Definition from Nolo’s Plain-English Law DictionaryIn foreclosure, the homeowner's right, for a certain period of time, to redeem the mortgage and keep the house by refinancing and paying off the original mortgage. State statutes usually spell out the...

Escrow

Definition from Nolo’s Plain-English Law DictionaryThe holding of funds or documents by a neutral third party prior to closing a sale. For example, buyers and sellers of real estate commonly hire an escrow agent to facilitate the transfer. Business sales...

Escrow Agent

Definition from Nolo’s Plain-English Law DictionaryA person (often an attorney) or a company that handles escrow arrangements. Also sometimes called a title agent.

Definition provided by Nolo’s Plain-English Law Dictionary.

Escrow Instructions

Definition from Nolo’s Plain-English Law DictionaryWritten instructions, signed by a buyer and seller, telling an escrow agent what needs to happen before the deal (usually a real estate sale) closes.

Definition provided by Nolo’s Plain-English Law...

Exempt Property

Definition from Nolo’s Plain-English Law DictionaryProperty that may not be seized by creditors and does not have to be forfeited in Chapter 7 bankruptcy. Each state has its own list of exempt property; in some states, debtors may choose between the state...

Face Amount

The value on the face of an instrument.

Examples:

On a check: the amount the bearer may withdraw.

On a loan or mortgage: the amount of money the borrower receives (does not include interest to be repaid).

On a life insurance...

Face Value

Definition from Nolo’s Plain-English Law DictionarySee: face amount

Definition provided by Nolo’s Plain-English Law Dictionary.

Fixed Rate Mortgage

A mortgage loan with a fixed interest rate. Compare to: Adjustable Rate Mortgage

Forced Sale

Definition from Nolo’s Plain-English Law DictionaryThe sale of goods by a creditor of their owner, authorized by court order. For example, forced sales may occur when someone files for bankruptcy or goes through foreclosure.

Definition provided by Nolo’...

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