TITLE LETTER OR CERTIFICATE:
A special proceeding under federal, or in some instances
state, laws by which the property of a debtor is protected
by the court and may be divided among the debtor's creditors
and the debtor.
See Deed of Trust.
MORTGAGE OR TRUST DEED:
A mortgage or trust deed that covers more than one lot or
parcel of real property, and often an entire subdivision.
As individual lots are sold, a partial reconveyance from
the blanket mortgage is ordinarily obtained.
One who buys property in good faith, for fair value, and
without notice of any adverse claim or right of third parties.
A subordinate or division office of ABC Company, as opposed
to an affiliate, agent, subsidiary or underwritten firm
associated with the Company.
Failure to perform a contract, in whole or part, without
An agreement between an owner or lessee and a building contractor,
setting forth terms relative to the construction of a proposed
A payment to the lender from the seller, buyer, third party,
or some combination of these, causing the lender to reduce
the interest rate during the early years of a loan. The
buydown is usually for the first one to five years of the
(See also: Certificate Backed Mortgage).
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