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RESTRICTIVE COVENANT A private agreement, usually contained in a deed, which restricts the use and occupancy of real property. 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. COMMITMENT A promise to lend and a statement by the lender of the terms and conditions under which a loan is made. PRE-QUALIFICATION The process of determining how much money a prospective homebuyer will be eligible to borrow prior to application for a loan. Information submitted during pre-qualification is subject to verification at application. HOLDOVER TENANT One who stays on the leased premises after his lease has expired. The landlord normally has the choice of evicting the holdover tenant or permitting him to remain and continue to pay rent. 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. MARKETABLE TITLE Good or clear title reasonably free from risk of litigation over possible defects; also referred to as merchantable title. Marketable title need not, however, be perfect title. |
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