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FIXTURE An article which was once personal property but has been so affixed to the real estate that it has become real property (e.g. stoves, bookcases, plumbing, etc.). If determined to be a fixture, then the article passes with the property even though it is not mentioned in the deed. NOVATION The substitution of a new obligation for an old one; substitution of new parties to an existing obligation, as where the parties to an agreement accept a new debtor in place of an old one. DEED OF TRUST A legal document that conveys title to real property to a third party. The third party holds title until the owner of the property has repaid the debt in full. DECLARATION OF RESTRICTIONS A statement of all the covenants, conditions and restrictions ("CC&R's") which affect a parcel of land. INSTITUTIONAL LENDER Financial institutions such as banks, insurance companies, savings and loans or any lending institution whose loans are regulated by law. REDUCTION CERTIFICATE An instrument which shows the amount of the unpaid balance of a mortgage, the rate of interest and the date of maturity. DELINQUENCY Failure to make payments as agreed in the loan agreement. |
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