Search results
Results from the WOW.Com Content Network
Real estate owned, or REO, is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [1]
Binder – In law, a binder (also known as an agreement for sale, earnest money contract, memorandum of sale, or contract to sell) is a short-form preliminary contract in which the purchaser agrees to buy and the seller agrees to sell certain real estate under stated terms and conditions, usually in the form of a purchase offer, and is ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
AD - South African Law Reports, Appellate Division; ad., ads., adsm. — ad sectam (Latin), at the suit of. Used in colonial and Federal Era American cases when the defendant is listed first; e.g., "John Doe v. Richard Roe" is labeled "Richard Roe ads. John Doe." The long script "S" of the period often makes this appear as "adj." adj. — see ...
A famous rule is that a thief cannot convey good title, so title searches are routine (or highly recommended) for purchases of many types of expensive property (especially real estate). In several counties and municipalities in the US a standard title search (generally accompanied by title insurance ) is required under the law as a part of ...
Key takeaways. If you’re facing foreclosure, the right of redemption gives you a legal pathway to keep or regain your home, by paying back the entire outstanding loan, plus interest and fees.
An abstract of title is the condensed history of the title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!