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
A binding arbitration is a way to solve disputes without going to court. An alternative to the more expensive and lengthy legal procedures, a binding arbitration is basically the process ...
Legal obligation stemming from a civil wrong or injury for which a court remedy is justified. A tort liability arises because of a combination of a direct violation of a person's rights, ...
Property zoning having the net effect, intended or not, of excluding the poor and minority groups from living in a particular area. Building lot size is the most frequently used ...
Long, one-story house with the roof sloping toward the ground, often having skylights and contemporary windows. ...
An interest rate that is applicable when interest in subsequent periods is earned not only on the original principal but also on the accumulated interest of prior periods. ...
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 ...
Current cost to replace property with an identical property after allowing for the depreciated value of the property. ...
Income reporting to the Internal Revenue Service using form 1099 stating income earned. For example, An employing real estate broker uses form 1099 to report commissions earned by a real ...
Long, wide piece of lumber having a minimum width of 8 inches with a minimum thickness of 1 inch for hardwood and 2 to 4 inches for softwood. ...
Have a question or comment?
We're here to help.