Dictionary

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.

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.

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.

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,

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.

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.

Definition: Person who gives legal rights or interests to another person. Pronunciation: \ˌa-sə-ˈnȯr Used in a Sentence:  The assignor transferred the mortgage and promissory note to the purchaser.

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.

Definition: A person to whom a right or property is legally transferred. Pronunciation: ˌa-sə-ˈnē, ˌa-ˌsī-, ə-ˌsī- Used in a Sentence:  The daughter was the assignee for her parent’s property.