Poor Credit Home Loan
Poor Credit Home Loan
Poor Credit Home Loan

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Real Estate Terms of the Day for Poor Credit Home Loan



SHORELINE
The dividing line between private land and public beach on beachfront property.

FIXTURE
An article which was once personal property but has been so affixed to the real estate that it has become real property (e.g. stoves, bookcases, plumbing, etc.). If determined to be a fixture, then the article passes with the property even though it is not mentioned in the deed.

PIGGYBACK LOAN
A joint loan with two lenders sharing a single mortgage.

PARTY WALL
A wall which is located on or at a boundary line between two adjoining parcels and is used or is intended to be used by the owners of both properties in the construction or maintenance of improvements on their respective lots.

ACCELERATION CLAUSE
A clause in a promissory note, agreement of sale, or mortgage which gives the lender the right to call all sums due and payable in advance of the fixed payment date upon the occurrence of a specified event, such as a sale, default, assignment or further encumbrance of the property.

MORTGAGE
A legal document used to secure the performance of an obligation. In effect, the mortgage states that the lender can look to the property in the event the borrower defaults in payment of the note.

NULL & VOID
Having no legal force or effect; of no worth; unenforceable; not binding.

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