Fair Housing Amendments Act of 1988 (FHAA)

The Fair Housing Amendments Act of 1988 (FHAA) is a federal law that expanded and strengthened the protections established under the Fair Housing Act of 1968. Enacted as Title VIII amendments to the Civil Rights Act, the FHAA prohibits discrimination in the sale,...

Acceleration Clause

An acceleration clause is a provision commonly found in mortgage agreements and promissory notes that gives the lender the right to demand immediate repayment of the entire remaining loan balance if the borrower violates certain terms of the loan. The clause is most...

Loyalty (Fiduciary Duty)

The fiduciary duty of loyalty is one of the highest legal obligations owed by a real estate agent to a client. Under this duty, the agent must place the client’s interests above the agent’s own interests and above the interests of any other party in the transaction....

Equitable Title

Equitable title is the legal concept describing a buyer’s beneficial interest in real property after entering into a valid and enforceable purchase agreement, but before the formal transfer of legal title through delivery and recording of the deed. Under the doctrine...

Equitable Redemption

Equitable redemption is a borrower’s legal right to prevent a foreclosure sale by paying the full amount owed on a mortgage loan, including principal, interest, fees, and allowable foreclosure costs, before the foreclosure sale is completed. This right arises from...

Statutory Redemption

Statutory redemption is a legal right provided under the laws of certain states that allows a borrower whose property has been foreclosed upon to reclaim the property by paying the required amount within a specified period after the foreclosure sale. The redemption...