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Also known as the Standard Rate. Date of Recordation: The date on which a deed of trust is officially entered on the books of the county recorder in the county in which the property is located. Deed of Trust : A security instrument, used in place of a mortgage, conveying title in trust to a third party covering a particular piece of property.
It is used to secure payment of a promissory note. Default: Failure to fulfill a duty or promise as specified in the Promissory Note andor Deed of Trust. Deferred Payment Loan: A loan which allows the borrower to defer all the monthly principal and interest payments until the maturity date of the promissory note, at which time the outstanding principal loan balance and all accrued interest best person loan company due and payable. Downpayment: The difference between the purchase price of real estate and the loan amount.
The borrower is responsible for providing the funds for the downpayment. Employee: An Appointee who has actively begun to serve in best person loan company or her full-time position. Equity: The difference between the fair market value of a property and the current indebtedness secured on the property.