Trustee's Sale
Definition of "Trustee's sale"
When a debtor defaults on a loan for which a deed of trust is given, the trustee is required to have a sale of the real estate security for the benefit of the lender. A deed of trust is used in place of a mortgage in many states. When a loan is made by a lender which is collateralized by real estate, a deed of trust is signed by the parties giving legal title of the collateralized property to a trustee for the purpose of insuring that the property is used to satisfy the debt in the event of default.
Popular Real Estate Terms
Last installment payment, substantially greater than the previous installment payments. The unpaid balance of a long-term loan is paid off in a lump sum at the end of the loan term. ...
The Debt-to-Income Ratio’s (DTI) definition is a measure that allows one to compare the ability an individual has to afford a monthly debt payment out of their monthly gross income. ...
Unit of metric are measurement where one hectare is equivalent to 2.471 acres or 107,637 square feet. For example, a 3 hectare parcel of property is equivalent to 7.413 acres or 322,911 ...
Latitude line selected as a reference in the rectangular survey system. ...
A Seller’s Market is the opposite of a Buyer’s Market. It’s that moment when conditions of the Real Estate Market are more favorable to Home Sellers than to Home ...
Written statements about a person or business that are malicious, unfounded, and damaging. It is the basis for legal action. ...
Loan secured by the pledge of specific collateral. ...
The Graduate, REALTOR® Institute is a designation given to real estate agents who have completed the curriculum developed as an educational attainment program by the National ...
Also called the Rule of the Sum of the Digits. An approach that bank use to formulate a loan amortization schedule. It results in a borrower paying more interest in the beginning of a ...
Have a question or comment?
We're here to help.