NY Real Estate Glossary Exam:NY Real Estate Exam Glossary: Questions & Answers: Latest Updated Solution
Alienation (Ans- The transfer of ownership or an interest in property from one person to another, by any means. Alienation Clause (Ans- A contract clause that gives the lender certain stated rights when there's a transfer of ownership in the property. Upon sale of, or even a transfer of, significant interest in the property, the lender will often have the right to accelerate the debt (here called a due on sale clause), change the interest rate, or charge a hefty assumption fee (FHA and VA loans cannot have this). Alienation, Involuntary (Ans- The transfer of an interest in property against the will of the owner, or without action by the owner, occurring through operation of law, natural processes, or adverse possession. Alienation, Voluntary (Ans- When an owner voluntarily transfers an interest to someone else.
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