An after acquired clause is a provision in a mortgage loan that includes property subsequently purchased as security on the existing mortgage. This can complicate future financing and the restructuring of loans as additional acquired property becomes part of the original security.
A Deed of Trust is a legal instrument used in many states instead of a mortgage to secure the repayment of a loan. Legal title to the property is vested in one or more trustees, who hold it as security for the loan.
A guarantor is a third party to a lease, mortgage, or other legal instrument who guarantees performance under the contract. Guarantors play a critical role in helping individuals or businesses secure financing or lease agreements by providing an additional layer of security for the lender or landlord.
A mortgagor is the owner of real estate who provides their property as security for a mortgage loan.
