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7 Cards in this Set
- Front
- Back
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Promissory note
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Legal doc the contains a promise by one party to pay money to another party
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guaranty |
legal doc that obligates the maker of the document to pay the debt of another person |
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guarantor |
person who signs a guaranty promising to pay the debt of another person |
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mortgagor |
person who signs a mortgage pledging real property to secure a debt |
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mortgagee |
person who receives a mortgage that is, a lender. |
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foreclosure |
sale brought by a holder of a mortgage, deed or trust, or security deed of the real property conveyed in the instrument for the purpose of paying the debt secured by the real property |
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Due on sale Clause |
Clause found in a mortgage the prohibits the sale of the real property described in the mortgage without the lender's consent. A sale in violation of this provision is a default of the mortgage. |
