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QUIET TITLE ACTION A circuit court action intended to establish or settle the title to a particular property, especially where there is a cloud on the title. ESCROW The process by which money and/or documents are held by a disinterested third person (a "stakeholder") until the satisfaction of the terms and conditions of the escrow instructions (as prepared by the parties to the escrow). LOAN APPLICATION An initial statement of personal and financial information required to apply for a loan. LOSS PAYEE The person designated on an insurance policy to be paid in case the insured property is damaged or destroyed. LEVERAGE The use of borrowed funds to purchase investment property with the anticipation that the property acquired will increase in return so that the investor will realize a profit not only on his own investment, but also on the borrowed funds; the employment of a smaller investment to generate a larger rate of return through borrowing. NONDISTURBANCE CLAUSE A clause inserted in a mortgage whereby the mortgagee agrees not to terminate the tenancies of lessees who pay their rent if the mortgagee forecloses on the mortgagor-lessor's building. JOINT AND SEVERAL LIABILITY A situation in which more than one party is liable to repay a debt or obligation and a creditor can obtain compensation from one or more parties, either individually or jointly, whichever he chooses. |
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