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Due on Sale Clause |
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Due on sale clauseA mortgage contract clause stipulating that the borrower to pay off the full remaining principal on a mortgage if the mortgaged property is sold before the mortgage is paid off.Due on sale clauseStandard language in a mortgage which states that the loan must be paid when a house is sold.Due on Sale ClauseA clause in a mortgage loan which gives the lender the right to demand payment in full when the property changes ownership. Not applicable to FHA or VA loans.Due on Sale Clause Similar MatchesAssumption clauseAssumption clauseA clause stating that the seller has passed to the buyer full responsibility for the mortgage on the property. Often, an assumption fee must be paid to the mortgage lender. Grandfather clauseGrandfather clauseA provision included in a new rule or regulation that exempts a business that is already conducting business in the area addressed by the regulation from penalty or restriction. S Safety ClauseS Safety ClauseA clause in a listing protecting the broker from having buyer and seller wait until the listing expires to make a deal, thereby avoiding the payment of commission. The clause states that if the property is sold during a specified period after the expiration of the listing (or any extension thereof) to a buyer provided during the listing period by the broker, the commission shall be paid. Escape clauseEscape clause1. The portion of a legal text that permits departure from its provisions in the event of specified adverse circumstances. 2. The U.S. statute (section 201, 1974 trade act) that permits imports to be restricted, for a limited time and on a nondiscriminatory basis, if they have caused injury to U.S. firms or workers. The escape clause accords with the Safeguards Clause (Article XIX) of the GATT. Safeguards ClauseSafeguards ClauseArticle XIX of the GATT that permits countries to restrict imports if they cause injury. Restrictions must be for a limited time and nondiscriminatory. See escape clause. Further SuggestionsEscalator clauseIncontestability clause Cancellation Clause Sunset clause Escalation Clause Enabling Clause Inflation escalator clause Hedge clause Grandfather clause "Subject To" Clause Penalty clause Multicurrency clause Valuation Clause Release clause non forfeiture clause Negative pledge clause No Bonus Clause Alienation clause Acceleration clause Market out clause Acceleration clause Acceleration Clause Claused Bill of Lading After acquired clause |
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