Buying First Home Time Tip
Buying First Home Time Tip
Buying First Home Time Tip

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Real Estate Terms of the Day for Buying First Home Time Tip



MORTGAGEE
The lender in a mortgage loan transaction.

SIMPLE INTEREST
Interest computed on the principal balance only.

NET INCOME
The sum arrived at after deducting from gross income the expenses of a business or investment, including taxes and insurance, and allowances for vacancy and bad debts; what the property will earn in a given year's operation.

DURESS
Unlawful constraint or action exercised upon a person whereby he is forced to perform some act against his will. A contract entered into under duress is void.

SUBJECT TO MORTGAGE
A grantee taking title to real property "subject to mortgage" is not personally liable to the mortgagee for payment of the mortgage note. In the event the grantor-mortgagor defaults in paying the note, the grantee could, however, lose property, and thus his equity, in a foreclosure sale.

DEED
A written instrument by which a property owner "grantor" transfers to a "grantee" an ownership in real property.

CONVEYANCE
The document used to effect a transfer, such as a deed, or mortgage.

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