A clause in a mortgage agreement requiring the loan be paid off, if there is a transfer of ownership on the property. arnest Money - The consideration required to be given by the purchaser with a written offer as evidence of good faith.
Is a clause which requires the immediate and full payment of the existing mortgage in the event of a transfer of ownership, sale, death, or some refinancings. This clause is usually specific as to what events will trigger the repayment of the mortgage.
A term or condition in a mortgage allowing the lender to demand repayment in full if the borrower sells the property securing the mortgage.
A clause in a mortgage agreement providing that, if the mortgagor (the borrower) sells, transfers, or, in some instances, encumbers the property, the mortgagee (the lender) has the right to demand the outstanding balance in full.
A loan document clause which provides that the entire mortgage debt becomes due upon sale of the property by the borrower.
A loan provision which allows the lender to demand repayment of the loan in full if the property is sold.
A clause in a mortgage that demands that the borrower pay off the loan in full if the house is ever sold. The lender can't prevent the sale, but it can demand payment in full on the loan balance, which often has the same practical effect. In the absence of a due on sale clause, the loan is assumable without the lender's consent. | Home
A mortgage clause that specifies that a mortgage loan must be paid in full when title to the mortgaged property is conveyed.
A clause in the mortgage agreement saying that, if the mortgagor (the borrower) sells, transfers, or, some times, further encumbers the property, the mortgagee (the lender) may demand any outstanding balance to be paid in full.
If a mortgagor (borrower) sells, transfers, or encumbers a property in an unacceptable manner, the mortgagee (lender) has the legal right to demand payment of the outstanding balance.
Clause in contracts that allows lenders to demand payment in full on the advent of the property's sale. arnest Money Money paid by the buyer to the seller as an act of good faith towards a firm buy offer. The funds are part of the buyer's down payment.