A purchase of property wherein the grantee accepts liability for the payment of the existing note secured by a mortgage or trust deed against the property and becomes a co-guarantor with the seller for the payment of the loan unless the lender releases the seller.
See Mortgage assumption.
The seizure of real or personal property of a party to a lawsuit by the court for the purpose of acquiring jurisdiction over the property to compel an appearance before the court or to furnish security for a debt or costs arising out of the litigation.
An official act establishing authenticity or to affirm that a statement or document is true, genuine or accurate.
A mortgage with a balloon payment. See Balloon payment.
An installment payment on a promissory note usually the final one for discharging the debt which is significantly larger than the other installment payments provided under the terms of the promissory note.
A deed that conveys title to real property but does not guarantee clear title that is often used by court officials and fiduciaries who are only holding title by force of law. See Grant deed, Quitclaim deed and Warranty deed.
The exchange of goods or commodities for other goods or commodities.
Employment in establishments that receive their income from outside the community.
1) A party entitled to the benefit of a trust; (2) A party who receives profit from an estate, the title of which is vested in a trustee; (3) A party to whom a insurance policy is payable; (4) The lender on the security of a note and trust deed
