Defeasing Loans and Bonds Defeasing outstanding loans or bonds is simply substituting collateral that is sufficient to meet all payments of principal and interest on the outstanding securities as they come due. In a contract, a defeasance clause is a provision that voids a bond or loan on a balance […]
Real Estate
26 posts
What Is an Open-End Mortgage? An Open-End Mortgage is an expandable loan that allows a borrower to access home equity appreciation for additional funds at a later date. It blends some features of a traditional mortgage with some advantages of a home equity line of credit or HELOC. An open-end […]
What Is Functional Obsolescence? Functional obsolescence is when an asset becomes less useful because of an outdated design that cannot be readily renovated or modernized. It is the reduction of an object’s usefulness or desirability because of an outdated design feature that is difficult to change or update. The application […]
What Is a Habendum Clause? The habendum clause in a deed, lease, or mineral rights contract defines the interests, property rights, and specific details of ownership. A habendum clause is a contract provision. It deals with property rights, interests, and other aspects of ownership granted to one of the parties […]
Sheriff Sale Auction – What Is a Sheriff’s Sale? A sheriff sale auction or sheriff’s sale is a public auction where foreclosed or repossessed property is sold by local law enforcement. The proceeds from the sale are used to pay mortgage lenders, banks, tax collectors, and other lienholders who have financial […]
Real Estate Attorney – Do You Need One? Buying a home is often the biggest investment most individuals ever make in their lives. Usually, a real estate agent to there to help negotiate the transaction. However, you might also consider a real estate attorney to guide you through the legal […]