Definition of "Without recourse"

Debbie Layman real estate agent

Written by

Debbie Laymanelite badge icon

Village Real Estate HBV

The company is not responsible to a third party if an account or financial instrument is dishonored by the debtor. The creditor's recourse is solely to the debtor's property. An example is when a company sells accounts receivable to a factor to obtain money. If the customer defaults, the factor cannot recover the amount due from the company.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Individual who attempts to maximize his or her profitability by investing which the anticipation that a particular investment will go up in value. A speculator will generally be willing to ...

Large room at the entrance to a building designed for people to converse or move about freely. ...

The willingness of a lender to give a mortgage to a mortgagor. A mortgage commitment will give a time period the mortgage will be given and an indication of the interest rate to be charged ...

Also called "Grey Shell, "Bare Shell," and "Artic Shell," a Cold Shell could be described as the more radical version of a Vanilla Shell. So, what does precisely the Cold Shell definition ...

Written statements about a person or business that are malicious, unfounded, and damaging. It is the basis for legal action. ...

When we discuss loans, it is essential to know that there can be many types of loans and there also are open-end loans and closed-end loans. In regards to closed-end loans, these often work ...

Monthly fixed rental payment. ...

(1) Occupancy rate at which rental income of a property pays for operating expenses and debt service, leaving no residual cash flow. (2) The level of sales of a real estate business where ...

Selling price for a property less assumed mortgages by the buyer. For tax purposes, the computation of the contract price is critical. ...

Popular Real Estate Questions