Real Estate Terms

I think as real estate professionals we sometimes take for granted that home buyers & sellers know what we are talking about when we start speaking "real estate".  I will utilize this blog to define some terms periodically.

Today's terms are:
acceleration clause:  A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.

clear title:  A title that is free of liens or legal questions as to ownership of the property.

deed-in-lieu: Short for "deed in lieu of foreclosure," this conveys title to the lender when the borrower is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrower asks to provide a deed-in-lieu. Regardless of whether the lender accepts the deed-in-lieu, the avoidance and non-repayment of debt will most likely show on a credit history. What a deed-in-lieu may prevent is having the documents preparatory to a foreclosure being recorded and become a matter of public record.

If you have any real estate questions don't hesitate to click or call!

The Bonnie Barbieri Team
the strength of teamwork...the reputation for results
http://www.BonnieBarbieri.com
office: 352-596-9999
cell: 352-263-3599

ReMax Advantage
4320 Lake in the Woods Dr.
Spring Hill, FL 34607