The value that a taxing authority, such as a county assessor places on real property as a base for computing property taxes. Generally assessed at 80% of value.
|Deed of Trust|
An instrument used in many states in place of a mortgage. The property is transferred to a trustee by the borrower (trustor), in favor of the lender (beneficiary) and re-conveyed upon payment in full.
A conditional conveyance of property as security for the payment of a debt or the fulfillment of some obligation. Upon payment of the debt or performance of the obligation the mortgage becomes void.
A mortgage in which the borrower receives a below-market interest rate for a specified number of years (commonly seven or 10 years). At the end of the 10 years for example, the interest rate is adjusted (within certain limits) to market conditions at that time. The lender sometimes has the option to call the loan due with 30 days notice at the end of seven or 10 years. also called Super Seven or Premier mortgage.