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HandBook Financing Secrets of a Millionaire Real Estate Investor_9

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Tham khảo tài liệu 'handbook financing secrets of a millionaire real estate investor_9', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | L O S S A R Y abstract of title A compilation of the recorded documents relating to a parcel of land from which an attorney may give an option as to the condition of title. Also known in some states as a preliminary title report. acceleration clause See due-on-sale clause. acknowledgment A declaration made by a person signing a document before a notary public or other officer. all-inclusive deed of trust See wraparound mortgage. ALTA American Land Title Association. amortize To reduce a debt by regular payments of both principal and interest. appraised value The value of a property at a given time based on facts regarding the location improvements etc. of the property and surroundings. arrears Payment made after it is due or is in arrears. Interest is said to be paid in arrears because it is paid to the date of payment rather than in advance. assignment of contract A process by which a person sells transfers and or assigns his or her rights under an agreement. Often used in the context of the assignment of a purchase contract by a buyer or the assignment of a lease by a tenant. 179 180 GLOSSARY assignment of mortgage The process of assigning the collateral mortgage or deed of trust that secures a debt obligation such as a note. assumable loan A loan secured by a mortgage or deed of trust containing no due-on-sale provision. Most pre-1989 FHA loans and pre-1988 VA loans are assumable without qualification. Some newer loans may be assumed with the express permission of the note holder. assumption of mortgage Agreement by a buyer to assume the liability under an existing note secured by a mortgage or deed of trust. balloon mortgage A note calling for periodic payments that are insufficient to fully amortize the face amount of the note prior to maturity so that a principal sum known as a balloon is due at maturity. beneficiary One for whose benefit trust property is held. Also known as the lender under a deed of trust. chain of title The chronological order of .