Third party to a bankruptcy proceeding. The trustee's responsibility is to value and recapitalize the real estate firm if it is to be reorganized.
Popular Real Estate Terms
Contractual clause freeing a party from personal liability. Foe example, an exculpatory clause in a mortgage agreement provides a mortgagor the ability to surrender a mortgage property in ...
Number of range grassland acres needed to support one animal unit for a specified period of time or grazing season. ...
Want to understand exactly what is a real estate consultant?Well, it’s hard to define a real estate consultant by its duties, because it’s very similar to that of a real estate ...
Use of other people's money (OPM) in an attempt to maximize the return but at high risk. The use of leverage in real estate investing is a way to maximize yield on a small down payment. ...
The "frost line" is a critical concept in real estate and construction, especially in regions with cold climates. But what exactly is the frost line, and why does it matter? Let’s ...
The term action in personam is used mostly in legal proceedings because Roman law heavily influenced our judicial system. Many terms used in law have their roots in Roman law, not only this ...
Creates a lien against the mortgagor's property, but does not permit a lien against his or her personal assets. See also non recourse. ...
Also called earnest money. Money deposited with an individual for security for the performance so some contract. This is intended to show his/her willingness to follow through with the ...
Expected market value of property if sold today. ...
Comments for Trustee
who can be a trustee and who can not?
Mar 06, 2020 17:50:53Hey, Brianda! Some states describe the requirements needed to qualify as a trustee, so you would need to check out local laws in order to see if these requirements are met. Other than that, there might be no restriction on who can act as a trustee in a deed of trust. A trustee is usually a legal entity or an unbiased individual such as a lawyer, an attorney, a bank, a professional corporation or LLC.
Mar 31, 2020 13:22:02Have a question or comment?
We're here to help.