Dictionary

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...

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...

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...

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...

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.

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...