All about Financing including: mortgages, deeds of trust, loans, & other $ terms
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| Financial Description of Term |
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| Financial Term/Definition |
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| To pledge property as security for a loan without giving up possession is to... |
Hypothecate (Under financing) |
| Property that is pledged as security for a debt is called... |
Collateral |
| Value over and above whatever is not debt is called... |
Equity |
| Unconditional promise made in writing to repay debt is called a... |
Promissory Note |
| A written instrument to secure repayment of a debt for real property is a... |
Mortgage |
| In a mortgage the buyer or borrower is called the... |
Mortgagor |
| In a mortgage the lender is called the... |
Mortgagee |
| When a morgage is sold or assigned to another lender is... |
Assignment |
| A legal document in which the title to the property is transferred by a borrower to a third party as security for the beneficiary or lender is... |
Trust Deed |
| In a deed of trust the borrower is called the... |
Trustor |
| In a deed of trust the impartial third party is called the... |
Trustee |
| In a deed of trust the lender is called the... |
Beneficiary |
| Permits the trustee to sell the property if the borrower defaults, without a court of law is called... |
Power of Sale |
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