Due on sale clause
The mortgage definition for Due on sale clause:
Standard language in a mortgage which states that the loan must be paid when a house is sold.
Acceleration clauseAcceleration clause
A provision that gives the lender the right to collect the balance of a loan if a borrower misses a payment.
Alienation clauseAlienation clause
A provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred.
Assumption clauseAssumption clause
A clause stating that the seller has passed to the buyer full responsibility for the mortgage on the property. Often, an assumption fee must be paid to the mortgage lender.
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