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PRIME RATE The minimum interest rate charged by a commercial bank on short-term loans to its largest and strongest clients(those with the highest credit standings). MINERAL RIGHTS Rights to subsurface land and profits. Normally, when real property is conveyed, the grantee receives all right and title to the land including everything above and below the surface, unless excepted by the grantor. LIBOR (LONDON INTERBANK OFFERED RATE) The interest rate charged among banks in the foreign market for short-term loans to one another. A common index for ARM loans. HOMEOWNER'S ASSOCIATION A non-profit association of homeowners organized pursuant to a declaration of restrictions or protective covenants for a subdivision, a PUD, or a condominium. DUE ON SALE CLAUSE A form of acceleration clause found in some mortgages, especially savings and loan mortgages, requiring the mortgagor to pay off the mortgage debt when selling the secured property, thus resulting in automatic maturity of the note at the lender's option. TENANCY AT WILL A tenancy in which a person is in possession of real estate with the permission of the owner, for a term of unspecified or uncertain duration, as when an owner permits a tenant to occupy a property until it is sold. DEED OF TRUST A legal document in which title to property is transferred to a third party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary(lender). MORTGAGOR The one who gives a mortgage as security for a debt; the borrower; usually the landowner; the borrower or debtor who hypothecates or puts up his property as security for an obligation. |
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