The indemnity recoverable by an injured party to compensate him for the loss suffered through an act of default of another.
A note or bond given as evidence of a debt; an unsecured note; that is, there is no collateral security.
An amount owed to another.
The amount needed for payment of principal and interest on an amortized debt.
To make known openly an in definite terms; that which, along with by- laws, defines the rules by which a condominium will exist.
An appropriation of land by its owner for some public use, and acceptance for such use by authorized public officials on behalf of the public. In certain cases, five years of uninterrupted public use will be considered an acceptance.
An instrument in writing, duly executed and delivered by the grantor that conveys to the grantee some right, or interest in or to real estate.
Short for "deed in lieu of foreclosure," this conveys title to the lender when the borrower is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrower asks to provide a deed-in-lieu. Regardless of whether the lender accepts the deed-in-lieu, the avoidance and non-repayment of debt will most likely show on a credit history. What a deed-in-lieu may prevent is having the documents preparatory to a foreclosure being recorded and become a matter of public record.
Deed of trust
Similar to a mortgage but title is transferred to a trustee pending payment of the debt.
Failure to make the mortgage payment within a specified period of time.
The clause in a mortgage that gives the mortgagor the right to redeem his property upon the payment of his obligation to the mortgagee, and declares the instrument null and void upon payment of debt when due; also found in leases.
Defeasible Fee Simple
A fee estate subject to being divested or voided
A judgment for the balance of a debt; issued when the net proceeds from the foreclosure sale are less than the indebtedness sued upon.
Failure to make mortgage payments when mortgage payments are due. For most mortgages, payments are due on the first day of the month. Even though they may not charge a "late fee" for a number of days, the payment is still considered to be late and the loan delinquent. When a loan payment is more than 30 days late, most lenders report the late payment to one or more credit bureaus.
The act or intent of transferring an instrument from one person to another in such a way that it cannot be recalled.
A conveyance of an estate to another for life, for years, or at will; to lease.
Money given by one to another as evidence of his good faith; evidence or security for performance of a contract.
Upper section of contract used by Hawaii Association of Realtors when accepting earnest money to bind an offer for property; also includes terms of the contract
Loss of value brought about by physical deterioration or functional or economic obsolescence.
Tables which provide uniform measurement of additional value to lots because of added depth of the lot.
Any title other than the original title.
Ownership transferred by means of inheritance.
Loss in value brought about by wear and tear.
Loss in value brought about by wear and tear.
A gift of realty by will.
One who receives a give of real estate by will.
Direct Sales Comparison Approach
A means of estimating value by comparing recent sales of comparable properties to the subject property after making appropriate adjustments for any differences. Also called market data approach.
A fee based on a percentage of a loan, charged by a lender, as a service charge, or as an amount needed to produce the same yield on a VA loan that he would receive in the conventional mortgage market; each point charged represents 1 percent of the loan amount and increases the interest rate by 1/8 of one percent.
A legal process by a landlord to remove a tenant and regain possession of real property due to some breach of lease agreement by the tenant.
The right of a landlord to seize and hold possessions of a tenant, or rent in arrears, pursuant to a court order.
An estate attached to and benefiting from the servient estate, e.g., an easement runs over the servient estate and serves the dominant estate; also called dominant tenement.
A person to whom a gift is made.
A person who makes a gift.
The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.
The one-third interest a wife may have in the property of her husband acquired prior to July 1, 1977; a life estate in 1/3 of the land the husband owns during the continuance of the marriage relationship and an absolute interest in 1/3 personal property.
The completed dower; the right a wife may have in her husband’s property upon his death.
The right a wife may have in her husband’s property during his life.
The amount of cash paid by a buyer which, added to the mortgage amount, equals the total sales price. At the time of closing this is referred to as equity.
A relationship which one owes fiduciary duties to both buyer and seller in real estate transaction.
Due on Sale
A mortgage clause permitting acceleration of the loan if the mortgagor attempts to transfer title or interest to the secured property.
Unlawful constraint or action against a person forcing him to perform some act against his will.