Notice Of Default
Definition of "Notice of default"
Letter sent an individual informing him or her they are in default on an agreement. Normally, a notice of default will give the defaulting party the terms necessary to remedy a default and the time period during which the remedy must occur. It will also state what actions will occur if the default is not remedied within the time period specified.
Popular Real Estate Terms
Computer software packages designed to serve mortgage banking functions, such as mortgage loan accounting/servicing, loan origination, loan processing, lease/financial/investment analysis, ...
Not attached to any parcel of land but merely a personal right to use the land of another. ...
Trade group of predominately land developers. ...
Combination of IRC 1034 and 121 dealing with the sale of a personal residence with the once-in-a-lifetime $125,000 exclusion that may be available for the "over-55" seller. Should the ...
A public officer given the right to authenticate a document, accept a person's oath, administer depositions, and to conduct other activities in commercial business. An official seal is used ...
A judicial ruling in which the rights and claims of the parties have been considered. A final ruling on some aspect formed after all the facts have been taken into account. In Real ...
Latin term meaning legal capacity to act on behalf of oneself. ...
State tax based on the value of property received through inheritance. The tax is paid by the recipient not the estate. Tax paid to the government or state upon the death of the taxpayer ...
Privilege granted by a franchiser to a franchisee permitting the latter to operate using the franchiser's name. The franchisee must pay a franchise fee for such right. In addition, the ...
Have a question or comment?
We're here to help.