Aames Home Loan
Aames Home Loan
Aames Home Loan

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Real Estate Terms of the Day for Aames Home Loan



ENCUMBRANCE
Any claim, lien, charge or liability attached to and binding upon real property which may lessen the value of the property but will not necessarily prevent transfer of title.

LAND DESCRIPTION
A description of a particular piece of real property.

NOTICE OF DEFAULT
A notice to a defaulting party that there has been a default, usually providing a grace period in which to cure the default.

CLEAR TITLE
Title to property that is free from liens, defects or other encumbrances, except those which the buyer has agreed to accept, such as mortgage to be assumed, the ground lease of record, and the like; established title; title without clouds.

PRINCIPAL
The capital sum; interest is paid on the principal. NOT spelled principle.

FORECLOSURE (OR REPOSSESSION)
Legal process by which a mortgaged property may be sold to pay off a mortgage loan that is in default.

QUALIFIED FEE
An estate in fee which is subject to certain limitations imposed by the owner.

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