P Trap at Mortgage Glossary
What is it? A drainage plumbing pipe in the approximate shape of a p laid on its face, providing a trap that prevents sewer gasses from entering the living space.Mortgage Dictionary Term Added By: Katie
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Other Similar Mortgage Terms:
Mortgage Term examination of title is Reviewing a propertys chain of title from the public records or an abstract of the title.Mortgage Term Promissory Note: is A document in which the borrower promises to pay a stated amount on a specific date. The note normally states the name of the lender, the terms of payment and any interest rate.
Mortgage Term Right of survivorship is In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.
Mortgage Term Earnest Money: is Deposit made by a purchaser of real estate as evidence of good faith.
Mortgage Term Revolving Debt is A credit arrangement that allows a customer to borrow against a pre-approved line of credit used to purchase goods and services. The borrower is responsible for the actual amount borrowed plus any interest due.