Latent Defect at Mortgage Glossary

What is it? A hidden structural defect that would not be discovered by ordinary inspection and that threatens the propertys soundness or the safety of its inhabitants. Some states impose on sellers and licensees a duty to inspect for and disclose latent defects. Buy

Mortgage Dictionary Term Added By: Benjamin

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Other Similar Mortgage Terms:

Mortgage Term Agency is A relationship created when one person, the principal, delegates to another, the agent, the right to act on his or her behalf in business transactions and to exercise some degree of discretion while so acting. An agency gives rise to a fiduciary relations

Mortgage Term Prepayment is Payment of the mortgage loan before the scheduled due date. In cases where the loan is paid in full before maturity, it may be subject to a prepayment penalty.

Mortgage Term Buyers Broker is A broker who represents the buyer in a fiduciary capacity. Some buyers brokers practice single agency, in which they represent either buyers or sellers, but never both in the same transaction. Some buyers brokers represent only buyers and refer prospect

Mortgage Term Reinstatement is To bring something back to its prior position, as in restoring a defaulted loan to current status.

Mortgage Term Survivorship is The right of surviving joint tenants to the ownership interest of another joint tenant upon the latters death. (See joint tenancy)