Examlex
Which of the following Roman legal principles informs those of the U.S. court system?
Recorded Mortgage
A mortgage that has been formally documented with a governmental office or registry, thereby providing public notice of the lien on the property.
Financing Commitment
An assurance provided by a lender indicating the terms under which they agree to lend money to a borrower.
First Mortgage
A primary lien on a property that has precedence over all other claims or liens in the event of default or sale.
Mortgage Assignment
The transfer of a mortgage from one party to another, either for the benefit of changing lenders or selling the debt to another entity.
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