DEFEASANCE CLAUSE
A mortgage provision indicating that the borrower will be given the title to the property once all mortgage terms are met. The defeasance clause is not required in states using property liens as collateral for a mortgage. In this sense, the clause is a substitute for collateral. Most states allow property liens when mortgages are issued, and don't follow the common law theory requiring a defeasance clause. In real estate, a lien gives the mortgagee the right to foreclose the property upon default of the terms in order to recoup what was owed.
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Convertible Currency
Currency which can be easily and readily bought or sold for another currency without government restrictions. Also known as hard currency.
Nominal Interest Rate
The interest rate before taking inflation into account. The nominal interest rate is the rate quoted in loan and deposit agreements. The equation t ...
Automated Clearing House - ACH
A fund transfer system that deals with direct deposit, payroll, consumer bills, tax refunds, and many more payment services.
Flipping
Flipping refers to a real estate investment strategy where investors buy properties and then sell them for a profit.
Transfer-for-Value Rule
Tax-liability rule stating a portion of the death benefit is considered an ordinary income and subject to taxation if a life insurance policy is so ...
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