due-on-sale clause
A statement by the lender that demands payment of the loan balance in full immediately upon the sale of a property. This is a provision in all mortgages and deeds of trust.
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The following dictionary definition list is provided for clarification only. Note that many definitions are not directly applicable to mortgages, loans or other financial terminology in this glossary. Used with permission: WordNet 2.1 Copyright 2005 by Princeton University. All rights reserved.
due
Noun: due (that which is deserved or owed) "give the devil his due"
Noun: due (a payment that is due (e.g., as the price of membership)) "the society dropped him for non-payment of dues"
Adjective: due, owed (owed and payable immediately or on demand) "payment is due"
Adjective: due (scheduled to arrive) "the train is due in 15 minutes"
Adjective: due (suitable to or expected in the circumstances) "all due respect"; "due cause to honor them"; "a long due promotion"; "in due course"; "due esteem"; " exercising due care"
Adverb: due (directly or exactly; straight) "went due North"
sale
Noun: sale (the general activity of selling) "they tried to boost sales"; "laws limit the sale of handguns"
Noun: sale (a particular instance of selling) "he has just made his first sale"; "they had to complete the sale before the banks closed"
Noun: sale (the state of being purchasable; offered or exhibited for selling) "you'll find vitamin C for sale at most pharmacies"; "the new line of cars will soon be on sale"
Noun: sale, cut-rate sale, sales event (an occasion (usually brief) for buying at specially reduced prices) "they held a sale to reduce their inventory"; "I got some great bargains at their annual sale"
Noun: sale, sales agreement (an agreement (or contract) in which property is transferred from the seller (vendor) to the buyer (vendee) for a fixed price in money (paid or agreed to be paid by the buyer)) "the salesman faxed the sales agreement to his home office"
clause
Noun: clause ((grammar) an expression including a subject and predicate but not constituting a complete sentence)
Noun: article, clause (a separate section of a legal document (as a statute or contract or will))
- due-on-sale clause -
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