Glossary

M

Maturity - The date on which an instrument of indebtedness, such as a mortgage or land contract, becomes due and payable.

Mortgage - A pledge of real property as security for the payment of a debt. With a mortgage, the Borrower retains possession and use of the property. A mortgage is typically signed simultaneously with a note.

Mortgagee - The party lending the money and receiving the mortgage.

Mortgagor - The party borrowing money secured by real estate and giving a mortgage.

N

Notary Public - One who is authorized by the state or federal government to administer oaths and attest to the authenticity of signatures.

Notice of Default - A letter sent to a defaulting party as a reminder of the default. Such a notice may state a grace period and the penalties for failing to cure the default.

O

Opinion of Title - A certificate, generally from an attorney, as to the validity of the title of property being sold.

Outstanding Balance - The amount currently owed on a debt.

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