Chapter 16 & 17
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| Promissary Note | A written promise to repay a debt; usually referred to simply as a note.
The promissory note is a contract between a borrower and a lender, which creates the obligation of the borrower to pay the lender.
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| Pledging | In some instances, the borrower may give up possession and use of the property to the lender, until the debt is repaid
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| Naked Title | Title that lacks the rights and privileges usually associated with ownership. It is also sometimes called bare title
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| Power of Sale | A clause found in the deed of trust is designed to give the trustee the authority to sell the property without having to go through a court-ordered foreclosure proceeding.
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| Security Deed | conveys legal title to the lender. This allows the lender to foreclose in a non-judicial process
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| Equitable redemption | is the borrower’s right to reinstate a defaulted loan after acceleration but before foreclosure.
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| Statutory Redemption | When a borrower has the right to reinstate ownership of the property after the foreclosure sale, the right is known as statutory redemption.
Georgia does not recognize statutory redemption on a loan foreclosure.
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| acceleration clause | allows the lender to demand an immediate payment of the debt and invoke the power of sale.
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| defeasance clause | requires the lender to cancel the security instrument upon full payment.
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| Estoppel Certificate | is used when the holder of a loan sells the loan to another investor.
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| Subordination | Voluntary acceptance of a lower mortgage priority than one would otherwise be entitled to.
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| chattel mortgage | a mortgage secured by personal property.
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| Judicial foreclosure | taking the matter to court in the form of a lawsuit. It is costly and time-consuming.
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| Non-judicial foreclosure | Allows a mortgagee to conduct a foreclosure sale without first going to court.
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| Deficiency Judgement | A judgement against a borrower if the foreclosure sale does not bring enough to pay the balance owed
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| sheriff’s deed | The purchaser at the foreclosure sale receives a sheriff’s deed. These are usually special warranty deeds.
The court will assist in removing anyone in possession who was cut off in the foreclosure proceedings.
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| statutory redemption | In states with statutory redemption laws, the foreclosed borrower has from one month to one year after the sale to pay in full the judgment and retake title.
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| Strict foreclosure | The lender files a lawsuit requesting the borrower be given a period of time to exercise the equitable right of redemption or lose all rights to the property, with title transferring irrevocably to the lender.
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| power of sale clause | in the mortgage gives the lender the power to conduct the foreclosure and sell the property without taking the issue to court.
This is the preferred method of foreclosure in 27 states.
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| deed in lieu of foreclosure | voluntary act sometimes called a “friendly foreclosure.”
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| Ad valorem taxes | Taxes charged according to the value of a property
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| appropriation process | This is the process by which the budget along with a list of sources from where the money will derive is enacted in tolaw.
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| Assessed Value | A value placed on a property for the purpose of taxation.
In Georgia, the assessed value is 40% of the market value.
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| Mill Rate | tax rate that is expressed in tenths of a cent per dollar of assessed valuation.
The property tax rate that is expressed in tenths of a cent per dollar of assessed value.
As a mill rate, this tax is usually expressed as dollars per thousand.
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| Tax Lien | A charge or hold by the government against property to ensure the payment of taxes
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| Assessment Appeal Board | Local government body that hears and rules on property owner complaints of over-assessment.
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| homestead exemption | This reduces the amount of taxes owed on property used as a primary residence
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| special assessments | Local municipal improvements that will benefit property owners within a limited area are financed through special assessments on property.
The property receiving the benefit of an improvement in the area bears the cost of the improvement.
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| amount realized | the selling price of the home, less selling expenses.
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| gain on the sale | the difference between the amount realized and the basis.
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| Home basis | the price originally paid for the home, plus any fees paid for closing services and legal counsel, and any fee or commission paid to help find the property.
Improvements made by the seller are added to the original cost of the home.
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| Capital Gains | is a tax levied on an investment.
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| conveyance tax | The adjusted sales price is the sales price minus any assumed loan.
also known as transfer tax
The rate is $0.10 per $100 on the adjusted sales price
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| intangibles tax | Georgia also charges a separate tax on the value of any mortgage debt created by the transaction.
The intangibles tax is paid at a rate of $1.50 per $500 (or any part of $500) of any new recorded loan.
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