The ratio, expressed as a percentage, which results when
a borrower's monthly payment obligation on long-term debt is divided
by his or her net effective income (FHA/VA loans) or gross monthly income
A legal instrument, duly executed and delivered, whereby
the owner of real property (grantor) conveys to another (grantee) some
right, title or interest in or to real estate.
A provision in a deed controlling or limiting the use
of the land.
Failure to meet legal obligations in a contract, specifically,
failure to make the monthly payments on a mortgage.
Postponed or delayed maintenance causing decline in building's
physical condition. Delinquency Failure to make payments on time. This
can lead to foreclose.
The loss in value due to deterioration through ordinary
wear and tear, action of the elements, functional or economic obsolescence.
Money paid to make up the difference between the purchase
price and the mortgage amount. Down payments usually are 10 percent
to 20 percent of the sales price on conventional loans, and up to 5
percent on FHA and VA loans.
If a real estate broker represents both the buyer and
the seller in the same transaction.
A provision in a mortgage or trust deed which allows
the lender to call a promissory note immediately due and payable in
full upon the sale or transfer of a secured property; Allows the lender
to raise the interest rate or demand other changes in terms upon assumption
of the loan.