Third party to a bankruptcy proceeding. The trustee's responsibility is to value and recapitalize the real estate firm if it is to be reorganized.
Popular Real Estate Terms
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Court order whereby the bankrupt debtor is forgiven of this or her debts. Even though the debtor is no longer obligated for discharged debts, the bankruptcy remains in his credit report ...
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Amount charged for each unit of rental property. An example of a unit might be square footage of space or an apartment. ...
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fee to use a bridge or tunnel. Fee assessed to use someone else's property. ...
Room in a building used to collect solar heat. To provide for such collection, a room is generally constructed with a glass roof and walls. ...
Comments for Trustee
who can be a trustee and who can not?
Mar 06, 2020 17:50:53Hey, Brianda! Some states describe the requirements needed to qualify as a trustee, so you would need to check out local laws in order to see if these requirements are met. Other than that, there might be no restriction on who can act as a trustee in a deed of trust. A trustee is usually a legal entity or an unbiased individual such as a lawyer, an attorney, a bank, a professional corporation or LLC.
Mar 31, 2020 13:22:02Have a question or comment?
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