Archives: Glossary Terms

The debt contract which is to be assumed by the purchaser in which the seller of real estate is the mortgagor.

The right which a surety has, on payment of the principal debtor’s obligation, to look to the principal debtor for reimbursement.

An agency relationship based on clearly-presented words in a formal written or oral agreement between the parties. See Implied agency.

See Express contract and opposite Implied contract

An oral or written agreement in which the parties have clearly stated their intentions and terms in words. See opposite Implied contract..

The act or process whereby private property is acquired for public use or the rights therein modified by a sovereignty or any entity vested with the necessary legal authority, such as where property is taken under eminent domain.

An additional endorsement to a fire insurance policy which extends the coverage to include losses caused by windstorm, hail, explosion, riot, aircraft, vehicle and smoke damage.

The dollar amount shown on a document by words or numbers. Example: A mortgage has a face value of $10,000, amortization term of 30 years, and 8% face interest rate. It will be amortized in 13 years to $8,000 by annual payments.

A federal law that allows individuals to examine and correct credit information about them that is used by credit reporting services.

A federal law that prohibits discrimination in housing based on a person’s race, color, religion, sex, handicap, familial status, and national origin