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
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.
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.
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.
Used in a Sentence: Due to the mistrust on the part of the seller, the negotiations were done at arms length,
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: The written instrument that serves to transfer the rights or interests of one person to another.
Used in a Sentence: Constructive notice is given when an assignment of a mortgage is recorded.