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A clause in a contract that allows either party to terminate the contract under certain agreed conditions.
A limit placed on payments, interest rates and/or the balance of a loan. Caps can limit increases by either a dollar amount or a percentage.
Lenders may require that a buyer have at least 2 months of mortgage payments available after closing.
Legal declaration of debtors’ inability to discharge debts.
Court-approved repayment plan for wage earners who have delinquent debts.
A meeting for the finalized sale of a property where documents are signed and monies exchanged.
Cost for expenses incurred during the transfer of the property that are paid by the buyer and seller. Closing costs are also known as settlement costs. The following items are examples of some costs: Attorney Fees, Points, Prepaid items, Title Insurance, and Transfer Taxes.
An agreement in writing between a lender and borrower to loan money at a future date subject to certain conditions.
CONDITIONAL SALES CONTRACT
A contract for the sale of a property in which transfer of title to the buyer is contingent on fulfillment of certain conditions/contingencies.
An agreement between two parties for a legal consideration. Contracts must be in writing to be enforced.
Any mortgage that is not insured or guaranteed by the Federal Government.
The transfer of title real property from one party to another.
A person willing to sign a lease or a contract and bear responsibility for the enforcement of all the provisions of the lease or contract.
An individual’s credit history which is prepared by a credit bureau and used by a lender in determining a loan applicant’s creditworthiness.