- "Alienation" is the transference of ownership and property rights.
- This clause stipulates that the borrower must pay the mortgage in full upon transferring the property.
fine print, transfer of title, full payment, ownership
Related Terms and Acronyms
- Acceleration Clause — Definition,
- A provision within a document that explains how the lender expects payment for a loan, in due haste.
- Call Option — Definition,
- A clause in a mortgage that gives the lender the right to request the balance at any time.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Credit Risk — Definition,
- The risk of loss assumed under a financial contract that a borrower or a counter-party to a loan or other credit-related contract may default or fail to fulfill its obligations.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- Mortgage Assumption — Definition, Important,
- Taking over the payment and responsibility for an existing property loan.
- Non-assumption Clause — Definition,
- A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.
- Title — Definition,
- Evidence of a person's right to possession ownership of a property.
- Transfer of Title (TOT) — Acronym,
- A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.