Australia Buying Home
Australia Buying Home
Australia Buying Home

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Real Estate Terms of the Day for Australia Buying Home



DUE ON SALE CLAUSE
A form of acceleration clause found in some mortgages, especially savings and loan mortgages, requiring the mortgagor to pay off the mortgage debt when selling the secured property, thus resulting in automatic maturity of the note at the lender's option.

DISCLAIMER
A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein."

NULL & VOID
Having no legal force or effect; of no worth; unenforceable; not binding.

PRE-APPROVAL
The process of determining how much money a prospective homebuyer or refinancer will be eligible to borrow prior to application for a loan. A pre-approval includes a preliminary screening of a borrower's credit history. Information submitted during pre-approval is subject to verification at application.

QUIET ENJOYMENT
The right of a new owner or a lessee legally in possession to uninterrupted use of the property without interference from the former owner, lessor or any third party claiming superior title.

MULTIPLE LISTING SERVICE (MLS)
An organization created by Realtors to facilitate the sharing of listings among member brokers.

ADVERSE POSSESSION
The acquiring of title to real property owned by someone else, by means of open, notorious and continuous possession for the statutory period of time (20 years in Hawaii).

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