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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A property insurance that protects the home of an individual against damages to the house itself, or to possession in the home. It also provides li ...
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The number of degrees that a day's average temperature is below 65oFahrenheit (18oCelsius), the temperature below which buildings need to be he ...
Bond Bank
Government agency offering the smaller public entities with lower-cost debt financing. The institution caters cities, municipalities, hospitals, sc ...
Bagel Land
A colloquial terms which signifies a stock or other security whose price is approaching $0. Arriving in bagel land is commonly a result from one or ...
A-B Trust
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