Buying Foreclosure Home In
Buying Foreclosure Home In
Buying Foreclosure Home In

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Real Estate Terms of the Day for Buying Foreclosure Home In



PRINCIPAL
The amount of debt, not counting interest, left on a loan.

EXCHANGE
A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of a like kind.

BREACH OF CONTRACT
Violation of any of the terms or conditions of a contract without legal excuse; default, non-performance, such as failure to make payment when due.

LOSS PAYEE
The person designated on an insurance policy to be paid in case the insured property is damaged or destroyed.

ESCROW
The process by which money and/or documents are held by a disinterested third person (a "stakeholder") until the satisfaction of the terms and conditions of the escrow instructions (as prepared by the parties to the escrow).

CAPS (PAYMENT)
Consumer safeguards which limit the amount monthly payments on an adjustable-rate mortgage may change. Since they do not limit the amount of interest the lender is earning, these consumer safeguards may cause negative amortization.

GENERAL PARTNER
A co-owner of a partnership who is empowered to enter into contracts on behalf of the partnership and who is fully liable for all partnership debts.

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