A clause in a mortgage which gives the lender the right to require immediate repayment of a mortgage balance if the property changes hands.
A clause in a mortgage contract requiring the borrower to pay the entire outstanding balance upon sale or transfer of the property. Earnest Money -- A sum paid to the seller to show that a potential purchaser is serious about buying.
Clause A provision in a mortgage that allows the lender to demand repayment in full of the outstanding balance if the property securing the mortgage is sold.
A provision which requires that the remaining balance due be paid if the borrower sells the property or transfers title to another party.[] Go to: | | | | | | | | | | | | | | | | | | | | | X | Y
A clause in a mortgage or deed of trust allowing a lender to require immediate payment of the balance of the loan if the property is sold (subject to the terms of the security instrument).
A clause found in most mortgages that indicates that if you deed your property to someone who has not been approved by the lender, the lender can "call" the note, requiring the principal balance, including any arrearages, to be paid in full.
A clause in a mortgage stating that if the mortgagor sells, transfers, or in any way encumbers the property, then the mortgagee has the right to implement an acceleration clause making the balance of the obligation due.
A clause in a mortgage contract requiring the borrower to pay the entire outstanding balance upon sale or transfer of the property. A mortgage with a due-on-sale clause is not assumable.
A clause in a mortgage providing that if the mortgagee sells, transfers, or in any way encumbers the property, the mortgagor has the right to implement the acceleration clause, making the balance of the obligation due.
a clause included in most mortgages that allows the lender to call the entire loan due if the homeowner sales or transfers the title of the property to another person; this clause is included in the mortgage by the lender so that the loan cannot be assumed by a third party without the lenders permission.