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11 Cards in this Set
- Front
- Back
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Lis pendens |
Lawsuit pending |
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Attachment |
The Taking of property into custody pending the outcome of a legal action |
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Write of Execution |
A decree of the Court instructing an officer of the court to carry out the judgment |
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Chattel |
Personal property |
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Mechanics lien |
Statutory lien created in favor of materialmen and mechanics to secure payment for materials supplies and services rendered in the Improvement, repair, or maintenance of real property. |
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Acceleration |
The lenders right to call the entire loan all due and payable if certain conditions are violated |
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Alienation clause |
A clause in the loan document calling for the entire balance due and payable when the property is sold |
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Novation |
Original obligor is relieved of any further loan obligation do to the substitution oven you party |
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Reduction certificate |
Instrument that shows the current amount of an unpaid balance period normally used when a prospective purchaser wants to assume or take title |
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Interim loan |
Short-term Bridge construction loan |
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Permanent financing |
Long-term loan principal and interest |
