Alienation Clause

Definition

  • "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.

Synonyms
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.
Compare. Calculate. Apply today.
Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage