Unsecured Loan
loan that is not secured by a mortgage on a specific property. It is backed only by the borrower's credit rating. Unsecured loan are typically short term. The disadvantages of this kind of loan are that, because it is made for the short term and has no collateral, it carries a higher interest rate than a secured loan and payment in a lump sum is required.
Popular Real Estate Terms
Structure built into the water from the land providing a facility for boats to tie up. A dock will often provide utility access ...
Amount still unpaid at a particular date on a loan or other financing agreement. ...
A will where the decedent's nomination of an executor/executrix is flawed, requiring an administrator to be appointed by the court and annexed to the will. ...
Financing technique aimed at those people who only plan to live in a house for a short time. Under this mortgage, a lower interest rate and, thus, a lower monthly mortgage payment are ...
Restraining a person or business from denying an appropriate conveyance of property evidenced by a deed has given. ...
Items of real and personal property that usually have a long life, such as housing and other real estate. ...
Partner in a real estate business who remains anonymous but has legal rights and obligations. ...
Individual who has a legal obligation to pay money to another. ...
Law of the state establishing guidelines and requirements for constructing buildings. The standard may differ between the states. ...
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