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
Document between two or more parties indicating a need to take or not take a previous action taking place. For example, a bank may commit to make a loan dependent on a satisfactory credit ...
The direction in which a community is growing. Directional growth is measured over time, and its path strongly influences current and future market values of those properties clearly in ...
The Exclusive Right to Sell Listing is a type of Listing where the Listing Broker/Agent wins his/her commission even if he/she wasn’t directly responsible for the sale.Let’s ...
Major city in a metropolitan area. ...
What does viz. mean? The meaning of viz. derives from the Latin word videlicet which is translated into English as namely, that is, which is, as follows. You may encounter it in legal ...
Claude in a contract, title, or mortgage that is subject to being annulled, repealed, or revoked upon the satisfaction of a claim or completion of a future event. ...
Gradual deterioration of land due to nature such as because of floods, hurricanes and storms. Gradual decline in the value of real estate because of poor market and economic conditions. ...
Adobe construction is one of the oldest types of construction that has been used in the Americas, ancient Egypt, and the Middle East to build long-lasting structures that can be seen even ...
A large enclosed shopping mall having several national and regional retails stores acting as anchor tenants. The enclosed floor area of regional shopping centers ranges between 250,000 ...
Have a question or comment?
We're here to help.