Non Recourse
Definition of "Non recourse"
Absence of a personal liability such as when a creditor may seize an office building used as security for the obligation but cannot attach any other assets of the debtor.
Popular Real Estate Terms
Architectural plan which may include blue prints of a property project. Designs must meet technological and zoning requirements. ...
The definition of reversion in real estate is the return of property or assets to their original owner after a prespecified event or occurrence. This real estate term is used primarily in ...
Legal mechanism available for a person who is over his head financially and is unable to meet his financial obligations. ...
The lessee becomes a lessor by subletting the property to a third party. Typically, the sandwich leaseholder does not own or use the property. ...
Potential customer or client in which there is a realistic chance of making the sale for the product or service. An example is a prospective purchaser of real estate that the real estate ...
Situation in which a person guilty of breaking a contract is required by the judge to fulfill his duties. Specific performance is required only if the item or subject of the contract is ...
Giving of a promise or guarantee to the receiver to instill confidence. ...
Document stating one has an ownership interest but not direct control in an asset, estate, or business. While one shares in the benefits of ownership including profits, the direct control ...
Deed of trust or mortgage in real estate in which the lender subordinates her loan to another lender whose priority is first if there is nonpayment by the borrower. ...
Have a question or comment?
We're here to help.