Chapter 7
Definition of "Chapter 7"
Also called straight bankruptcy. A provision of the 1978 bankruptcy Reform Act providing for a persons property to be divided among creditors to satisfy his/her unpaid debts. Any debtor subject to Chapter 7 is also subject to Chapter 11. See also bankruptcy.
Popular Real Estate Terms
A caveat vendor is a legal principle where the seller is legally responsible for warranting the quality and suitability to task of the item purchased. ...
Nonload bearing layer of brick covering a wall of decorative purposes only. The wall is usually constructed of wood framing or masonry block. ...
In commerce and business, margin as a general term is defined as by the difference between the amount of money spent on a product and the selling price of it. The margin usually appears as ...
Same as term mortgage correspondent: Individual having permission to act ob behalf of a bank or other financial institution in a specified locality to attract interest borrowers. ...
English-style architecture named after King Gorge I-III and extremely popular in Great Britain and North America during the 18th century. In this style house has two to three stories and is ...
Heating system dependent upon radiators in each room of the structure. The steam goes form the boiler through pipes to the radiators. A two-pipe system should be employed for larger ...
Situation in which very few prospective buyers of real estate are rejected by lenders. This may be due to ample money supply, lower interest rates, and/or relaxed credit standards. See also ...
In valuing real estate, substitution is the principle that the market value of a property can be relatively accurately estimated by determining market value of similar properties in the ...
Loss arising from the partial or complete destruction of property resulting from circumstances of a sudden, unanticipated or unusual nature. For example, fires, storms and floods to real ...
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