A clause in a mortgage agreement requiring the loan be paid off, if there is a transfer of ownership on the property. arnest Money - The consideration required to be given by the purchaser with a written offer as evidence of good faith.
Is a clause which requires the immediate and full payment of the existing mortgage in the event of a transfer of ownership, sale, death, or some refinancings. This clause is usually specific as to what events will trigger the repayment of the mortgage.
A term or condition in a mortgage allowing the lender to demand repayment in full if the borrower sells the property securing the mortgage.