Definition of "Reduction certificate"

Lender's written statement and accounting for the remaining balance, date of maturity, and interest rate on a mortgage. The lender is certifying this information to the borrower or any other interested parties. The certificate may be issued when the property is sold and the obligation is being assumed by the purchaser.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

English style of architecture characterized by carving and paneling and flattened arches. ...

Half oval window. It is usually small and placed over a doorway serving a decorative purpose. In some case, the window may be mounted with a hinge at either end to a permit opening for ...

Note having more than one maker, if one or more of the makers default on the note, all makers are sued jointly, rather than just one or all, to make restitution ...

The willingness of a lender to give a mortgage to a mortgagor. A mortgage commitment will give a time period the mortgage will be given and an indication of the interest rate to be charged ...

An organized group of ethical behavior guidelines governing the day-to-day activities of a profession or organization. ...

Certificate of an officer stating that a sworn statement is genuine stating when, where and before whom the statement was sworn. A jurat commonly appears at the bottom of an affidavit. ...

The clear, open and active occupancy of real estate. For example, notorious possession is one of the tests for adverse possession. ...

Group of investors pooling their money to purchase real estate. ...

An adjustment to the internal rate of return (IRR) computation so as to improve this measure. This uses a risk-free after-tax rate and a customary rate for money reinvestment. ...

Popular Real Estate Questions