Dictionary
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Buydown
Definition: A financing method in which points are paid by the seller or developer that lowers (buys down) the effective interest rate paid by the buyer/borrower, therefore reducing the amount of the monthly payment for a set period of time
Pronunciation:
Used in a Sentence: In order to have lower payments, the buyer decided to buydown the interest rate on his mortgage.
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Attorney-in-fact
Definition: One who is authorized to perform specific acts for another under a power of attorney.
Pronunciation: \ə-ˈtər-nē
Used in a Sentence: The buyer had an attorney-at-fact sign her loan papers when she was unable to do so.
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Attachment
Definition: A seizure by legal process to prevent removal of property that is expected to be used to satisfy a judgement.
Pronunciation: \ə-ˈtach-mənt
Used in a Sentence: An attachment was issued to prevent the equipment from being removed from the property.
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At Arms Length
Definition: Handling negotiations on one’s own behalf without being subject to the other party’s control or influence.
Pronunciation:
Used in a Sentence: Due to the mistrust on the part of the seller, the negotiations were done at arms length,
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Assumption
Definition: The taking over of another’s debts.
Pronunciation: \ə-ˈsəm(p)-shən
Used in a Sentence: With the assumption of the mortgage, the buyer was obligated for the debt.
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Assignment Of Mortgage
Definition: A legal instrument stating that the mortgagee transfers the mortgage and promissory note to the purchaser.
Pronunciation: \ə-ˈsīn-mənt \ˈmȯr-gij
Used in a Sentence: The assignment of mortgage transferred the property from the seller to the buyer.
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Assignment
Definition: The written instrument that serves to transfer the rights or interests of one person to another.
Pronunciation: \ə-ˈsīn-mənt
Used in a Sentence: Constructive notice is given when an assignment of a mortgage is recorded.