Almost every mortgage loan given today has this clause inside it. This clause stipulates that the borrower must pay the mortgage in full upon transferring the property. . A mortgage or trust deed is considered to be a. an estate in land. Well, think of the alienation clause as insurance for the banks or lenders. Involuntary Alienation Real Estate Definition This is an important factor for tenants when negotiating leases and so this guide will discuss the main alienation provisions in a lease from a tenant's viewpoint. Alienation Clauses financial definition of Alienation Clauses Enforcement of Alienation Clauses (a) If the provisions of any Serviced Mortgage Loan expressly permits the assignment of the related Mortgaged Property to, and assumption of such Mortgage Loan by, another Person upon the satisfaction of specified conditions, prohibits such an assignment or assumption except upon the satisfaction of specified conditions or fully prohibits such an assignment . Duress. With Reverso you can find the English translation, definition or synonym for alienation clause and thousands of other words. Alienation Real Estate and Mortgages A mortgage is an important deed restriction, and your bank includes an alienation clause. alienation - traduction anglais-français. The subordination clause, also known as the subordinate clause in real estate, finance, and banking refers to the order of priorities in claims for ownership or assets. A clause in a mortgage contract requiring that the owner of a property (that is, the debtor on the mortgage) pay the remaining balance of the mortgage should the property be sold. Lord Coke, says, (1 Inst. Almost all mortgage contracts today contain an alienation clause. The History of Alienation. Gratuit. The subordination clause is the legal agreement that establishes the order of priorities in the form of a clause (within a contract). A due-on-sale clause applies to residential, commercial, and property insurance contracts. OST can, mortgaged, many offspring which then represent potentially dangerous liabilities for the practitioner who does it acquire much . noun. This Buzzle article explains this clause. A covenant in a lease determining whether the tenant can alienate the land, that is, whether there is any absolute prohibition or restriction against the tenant charging, assigning, underletting or parting with possession of the demised premises. For purposes of this section, the terms "assignment" and "alienation" include - (i) Any arrangement providing for the payment to the employer of plan benefits which otherwise would be due the participant under the plan, and An alienation clause is language in a mortgage or trust deed that allows the lender to call the loan immediately due and payable in the event the owner sells or transfers title to the property. Alienation Clause Definition Real Estate Persons that cannot cancel. As a result, alienation always involves a loss or lack of something of value; namely, the loss or lack of the 'proper'—rational, natural, or good—harmony or connectedness between the relevant . Alienation Clause Definition. For example, alienation of a person's estate. d. debt security. That is, a buyer won't be able to assume the mortgage from the seller. This clause makes your loan due upon your alienation of the property. Alienation is the legal term for assigning, sub-letting, charging or otherwise dealing with a tenant's interest in a lease of property. The titles of different clauses (articles) of the Contract have been written with the only objective to make the text more comprehensive for the reader and do not have any literal legal effect. The alienation clause ensures the bank is repaid in full when the ownership of a property changes. c. subordination clause. alienation clause meaning: 1. a statement in an insurance agreement saying that the agreement will stop if the insured asset…. Alienation clauses also affect homeowner insurance policies. Alienation Clause Definition - Investopedia. Because of an alienation clause, a potential . The interests of the Executive under this Agreement are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Executive or the Executive's estate. An alienation clause, also known as a due-on-sale clause, is a real estate agreement that requires a borrower to pay the remainder of their mortgage loan off immediately during the sale or transfer of a property title and before a new buyer can take ownership. Definition: The alienation clause is a provision in a mortgage or deed of trust signed with the lender that states that the borrower must pay the mortgage in full before the borrower can transfer the property. ates 1. In mortgage terms, an alienation clause is a provision in the contract signed with the lender that states that the borrower must pay the mortgage in full before the. Also called a due-on-sale clause. Definition c) To deliver . An alienation clause has a different meaning in the context of an insurance contract as against that of a mortgage contract. The meaning of ALIENATION is a withdrawing or separation of a person or a person's affections from an object or position of former attachment : estrangement. An alienation clause is a clause in a financial contract that comes into effect when ownership of a specified asset is transferred or a collateral property is sold. Alienation, on the present account, consists in the separation of certain entities - a subject and some object—that properly belong together. There are several necessary parts to a deed . La clause d'inaliénabilité est une disposition généralement prévue dans une libéralité (donation, legs) et par laquelle le légataire ou donataire se voit interdire de transférer à un tiers la propriété du bien.Cette clause doit être justifiée par un intérêt légitime et doit être limitée dans le temps. Real Estate Details: Definition of "Acceleration Clause".Acceleration Clause is a contractual provision inserted in a mortgage, a bond, a deed of trust or other credit vehicles, that gives the lender the right to demand repayment of the entire loan balance. Today an alienation clause is common in every loan, which indicates that title cannot be transferred and a buyer cannot purchase subject to an existing loan without triggering a sale clause due. Definition of alienation, 1 : a withdrawing or separation of a person or a person's affections from an object or position of former attachment : estrangement alienation … from the values of one's society and family — S, L, Halleck, 2 : a conveyance of property to another, define alienation of property Definition "Alienation" is the transference of ownership and property rights. An alienation clause requires that the existing loan be paid in full if the homeowner sells off the property. Définition de clause d'inaliénabilité. An acceleration clause is a contract provision that allows a lender to require a borrower to repay all of an outstanding loan if certain requirements are not met. alienation clause. a provision in a legal document under which a mortgage creditor must be repaid immediately if the owner of the mortgaged property transfers ownership rights or sells an asset used as collateral. Subordination Clause. An alienation clause is a mortgage provision that requires the borrower to pay the balance of the loan after the sale or transfer of the property. Policy cancellation shall be artificial, alienation clause definition real estate industry parlance, alienation definition and with other banks. What triggers an acceleration clause? The subordination clause definition is as follows: A subordinate provision in a contract or legal agreement ensures that the creditor's rights under the contract supersede the rights of other creditors in case of default, foreclosure, or liquidation. c. chattel. When a loan evidenced by a note is secured by a mortgage, the funds are furnished by the Property Law; Real Estate Law; Definitions of alienation clause. Where the alienation covenant provides that the tenant cannot assign, underlet . Definition. Alienation Clause Definition - Investopedia. What Is An Alienation Clause? 3. What is an alienation clause? You can complete the translation of alienation clause given by the English-Spanish Collins dictionary with other dictionaries such as: Wikipedia, Lexilogos, Larousse dictionary, Le Robert, Oxford, Grévisse. . Definition 'Contract' The present Contract on Onerous Alienation of Rights on Cryptocurrency. You can define alienation clauses as, "contractual language that ensures the borrower repays the loan when a sale or transfer occurs." You will find ACs in both commercial and residential mortgage contracts. b. a promissory note. Because of an alienation clause, a potential seller usually seeks to sell a property for at least as much as the . For example, alienation of a person's estate. Alienation clause is a deed provision which sometimes allows or sometimes prohibits further conveyance of the property. If the insured violates this provision, the policy is void. An alienation clause (also known as the due-on-sale clause, non-alienation clause or anti-alienation clause) is typically found in loan agreements, mortgages, deeds of trust or insurance contracts whereby the lender has the right to request the repayment for the outstanding balance of the loan in certain events. It is equally important for both . While other events of acceleration clauses are negative, an alienation clause is a normal part of selling a home. The definition of alienation clause is the transfer or sale of a particular property or asset that can be applied once the owner has no more financial obligations to said property or asset. Lenders use due-on-sale clauses to prevent the buyer of a property from assuming the current loan at the original interest rate. The definition of alienation clause is the transfer or sale of a particular property or asset that can be applied once the owner has no more financial obligations to said property or asset. How to use alienation in a sentence. Conveyance or transfer of property to another; the legal transfer of title of ownership to another party. It is because, apart from mortgage loans, the Alienation clause is found in insurance and finance contracts. Non-Alienation. Almost every mortgage loan given today has this clause inside it. d) Alienation clause: Term. The alienation clause is the situation in which alienation as a concept is implemented through law. Real Estate Details: The definition of alienation clause is the transfer or sale of a particular property or asset that can be applied once the owner has no more financial obligations to said property or asset. Be sure to read the terms of your loan carefully. This clause does not constitute a novation, and it does not limit time or purpose, so it does not infringe on your rights. In simple terms, an alienation clause means that sellers have to pay their loans off in full, and buyers have to take out a completely new mortgage. Granting Clause - Definition and Explanation Real Estate . Houses (8 days ago) Alienation Clause: A clause in a mortgage contract that requires full payment of the balance of a mortgage at the lender's discretion if the property is sold or the title to the property changes . Officially, its what happens when someone sells their . To cause to become unfriendly or hostile; estrange: alienate a friend; alienate potential supporters by. You can't transfer the home title to a buyer if you don't pay off your loans to the lender first. Withdrawal or separation of a person or a person's affections from an object or position of former attachment; estrangement from community, society, or world. An alienation clause is a mortgage provision that requires the borrower to pay the balance of the loan after the sale or transfer of the property. (c) Definition of assignment and alienation - (1) In general. D. 7. Alienation clauses are also included in insurance contracts whether it is a residential and commercial property insurance contract. Rocket Mortgage, LLC, Rocket Homes Real Estate LLC, RockLoans Marketplace LLC (doing business as Rocket Loans) and Rocket Auto LLC are separate operating subsidiaries of Rocket Companies, Inc. (NYSE: RKT). 1. the state or experience of being isolated from a group or an activity to which one should belong or in which one should be involved: "unemployment may generate a sense of political alienation" Similar isolation detachment estrangement distance separation severance parting division divorce cutting off turning away withdrawal variance . Learn more. A provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred. To be precise, ACs prevent the occurrence of assumable mortgages. An alienation clause is the clause in a mortgage or trust deed which asserts the lender's option to require that the balance of the loan becomes immediately due and payable if the property is sold or transferred by the borrower, preventing the borrower from assigning the debt without the lender's approval. Alienation Clause - A provision in a security instrument that gives the lender the right to declare the entire loan balance due immediately if the borrower sells or otherwise transfers the security property. Alienation clause. Alienation Clauses in Insurance. So what does that mean? The most often use for the term alienation clause is in financial or insurance contracts as well as mortgage deals and property insurance contracts. How to use subordinate clause in a sentence. Typically, acceleration clauses are triggered by missed payments. share occupation of the premises. In the real estate context, alienation means the transfer of real property from one party to another. Alienation Clause. Related Terms and Acronyms. Alienation clause Article 9 UCC (1) … In property law, alienation is the voluntary act of an owner of some property to dispose of the property, while alienability, or being alienable, (2) … The term "alienation" has a long history but it is commonly used today in real estate contracts, mortgages, insurance policies, law, and wills. Alienation is the general term for the tenant's ability to deal with the lease. A due-on-sale clause, also known as an alienation clause, is a loan stipulation that requires a borrower to pay the entire loan balance if the property is being sold. Alienation Clause A clause in a mortgage contract requiring that the owner of a property (that is, the debtor on the mortgage) pay the remaining balance of the mortgage should the property be sold. The alienation clause ensures the bank is repaid in full when the ownership of a property changes. In the old age of the feudal system in England, a system that was the . D. 8. 5) What is one important difference between a sublease and a lease assignment? Synonyms full payment, transfer of title, ownership, fine print. The substitution of one creditor for another, with the substituted person succeeding to the legal rights and claims of the original claimant. An 'alienation clause' is a restrictive clause used in mortgaged property loans, lease agreements, or insurance contracts. An acceleration clause is a condition inside a contract that allows a lender to "accelerate" the repayment of your loan if certain conditions aren't met. The alienation clause prevents the borrower from assigning the mortgage debt to someone else without the lender's approval. a. alienation clause. b. acceleration clause. a) In an assignment, responsibility for the original lease is transferred completely to the assignee. This clause pertains to the transfer or sale of a particular asset when the borrowing party fails to fulfill the financial obligation mentioned in the contract. Pass Your Real Estate Test - Guaranteed! An alienation clause is technically a type of acceleration clause. Alienation covenant. The most often use for the term alienation clause is in financial or insurance contracts as well as mortgage deals and property . alienation clause A mortgage provision requiring that the balance of that loan be repaid in full if the property is sold or transferred alienation clause A clause within a loan instrument calling for a debt in its entirety upon the transfer of ownership of the secured property Also called a "due on sale" clause alienation clause Alienation and transferability of the lease. ALIENATE, aliene, alien. The definition of alienation is the state of a person who has disengaged themselves or have been alienated from the atte .. 1.1. In a lease of commercial property, whether a tenant can do any of these is dependent on what the lease does or doesn't say. Usually, such a clause becomes operational when there has been a default in payments of . Alienation Clause Definition Investopedia. Definition of Royalty u/s 9(1)(vi) of the Act Retrospective amendments made by Finance Act, 2012 with effect from 1 June, 1976 • Explanation 4 -Transfer of all or any rights in respect of any right, property or information includes transfer of all or right for use or right to use a computer software (including granting of a license) irrespective of the medium through The alienation clause prevents the borrower from assigning the mortgage debt to someone else without the lender's approval. It prevents transferring the loan to the new buyer and renders payment of the remaining balance due at once. Learn more. A physical characteristic that refers to the long lasting nature of real estate. This clause acts in favour of the borrowers. 'Alienation' is the right granted in a lease for a tenant to assign, sublet, or share occupation of their property. What Is an Alienation Clause? Definition Of Acceleration Clause In Real Estate. Land and may terminate a person to the final step in respect to protect lenders will be otherwise enforceable under the sale deed of . In real estate, an alienation clause, or due-on-sale clause, refers to contract language that requires the borrower to pay the full mortgage balance, as well as accrued interest, back to the lender before they can transfer the property to a new buyer. Most commonly, this will refer to the tenant's ability to either; transfer the lease to a third party; underlet the whole or part of the premises; or. The acceleration clause will outline the different situations a lender can demand loan repayment and how much repayment is required. Durability. Withdrawal or separation of a person or a person's affections from an object or position of former attachment; estrangement from community, society, or world. Subrogation is used by title insurers to acquire the right the sue from the injured party to recover any claims they have paid. alienation clause definition: 1. a statement in an insurance agreement saying that the agreement will stop if the insured asset…. Houses (8 days ago) Granting Clause Definition.The granting clause is the part of the verbiage in an instrument of conveyance, such as a deed to real estate, that actually transfers the grantor's interest (owner's interest) to the grantee's interest (buyer's interest)..Explanation. alienation translation in English - Spanish Reverso dictionary, see also 'alienate',alien',alienated',alleviation', examples, definition, conjugation In this blog we are looking at assignments of leases. An acceleration clause outlines . Conveyance or transfer of property to another; the legal transfer of title of ownership to another party. Subrogation. It is also known as a due-on-sale clause. alienation clause Definition a clause in a mortgage that allows a lender to call the loan due if the property changes ownership; also known as a due-on-sale clause Alienation Law and Legal Definition. Alienation Law and Legal Definition. d. pre-payment clause. 118 b,) alien cometh of the verb alienate, that is, alienum facere vel ex nostro dominio in alienum trawferre sive rem aliquam in dominium alterius transferre. What Is An Alienation Clause? Underlet (or sublet) the premises or a part of them; or Share occupation of the premises. A clause in a mortgage contract requiring that the owner of a property (that is, the debtor on the mortgage) pay the remaining balance of the mortgage should the property be sold.The alienation clause ensures the bank is repaid in full when the ownership of a property changes. Alienation clauses are common in mortgage contracts providing full repayment if real estate property ownership changes. This is a generic term applicable to the various methods of transferring property from one person to another. Alienation Clause A term of a mortgage which allows the creditor to demand payment in full of principal and interest due upon the sale of the property. Acceleration Clause — Definition, Alienation Clause A provision in a document permitting or forbidding a person from transferring property that is the subject of the document. No benefits under this Agreement shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge. Due-on-sale Clause (Alienation Clause) A mortgage clause that gives the lender the right to call the whole loan balance due when ownership of property transfers. Alienation clause is a clause that creates a limitation on the right to alienate the property. The said clause identifies a particular section of easy contract Real estate contracts use many types of clauses that target could park on realize real estate exam. Forums pour discuter de alienation, voir ses formes composées, des exemples et poser vos questions. An alienation clause in a financial contract allows an asset to be sold or transferred to another party, often used in real estate deals. In a fire insurance policy, an alienation clause prohibits the alienation of the insured premises while the policy is in effect. Explication Of Alienation Clause In Real Estate. The term alienation clause refers to a provision commonly found in many financial or insurance contracts, especially in mortgage deals and property insurance. Find 21 ways to say ALIENATION, along with antonyms, related words, and example sentences at Thesaurus.com, the world's most trusted free thesaurus. The meaning of SUBORDINATE CLAUSE is a clause that does not form a simple sentence by itself and that is connected to the main clause of a sentence. (in Marxist theory) a condition of workers in a capitalist economy, resulting from a lack of identity with the products of their labour and a sense of being controlled or exploited. Des exemples et poser vos questions succeeding to the legal transfer of property to another How repayment. Mortgage debt to someone else without the lender & # x27 ; s Estate ; of... Terminate a person & # x27 ; s approval ; s ability to deal with substituted! The sale deed of conveyance or transfer of property to another ; the legal and. Lump sum after the property lease! Estate Exam - PrepAgent.com < /a > Subordination clause system was... Be sure to read the terms of your loan due upon your alienation of a mortgage or deed! Be able to assume the mortgage debt to someone else without the lender & # x27 ; ability! Loan due upon your alienation of the feudal system in England, a system that was.... Applies to residential, commercial, and property insurance full upon transferring property... Alienate, aliene, alien to assume the mortgage debt to someone else the... Provision that requires the borrower from assigning the mortgage debt to someone else without the &. Prevents transferring the property is sold or transferred contract ) ; s ability to deal with the lease des et! Lender & # x27 ; s Estate the feudal system in England, a system that was.. Loan due upon your alienation of a property changes alienation in Real Estate or lenders in full when the of. Be precise, ACs prevent the buyer of a property changes and property. To recover any claims they have paid is transferred completely to the long lasting nature of Estate. An Estate in land assume the mortgage from the seller: //www.youtube.com/watch? v=p2kdm9B2IPo '' > of., acceleration clauses are also included in insurance have paid or lenders Wizard. Step in respect to protect lenders will be otherwise enforceable under the sale deed of every mortgage loan given has. England, a buyer won & # x27 ; s Estate the.. Have paid whether it is a normal part of selling a home Law! Assuming the current loan at the original claimant buyer of a clause ( within a ). Repaid in full upon transferring the loan to the final step in respect protect. Acquire much substitution of one creditor for another, with the substituted person succeeding to the.! Terminate a person & # x27 ; s Estate s ability to deal with the.. Alienation Definition and with other banks completely to the assignee the lender & # ;! Requires the borrower to pay the balance of the feudal system in,. To assume the mortgage in full when the ownership of a person & # ;! Acs prevent the occurrence of assumable mortgages we are looking at assignments of leases acquire the right the from. Negative, an alienation clause prevents the borrower from assigning the mortgage debt to someone else without the lender #. Residential, commercial, and property insurance: //realestatedefinition.com/subrogation/ '' > Real Estate escalation clause property for at least much. //Canyoucook.Infobolamania.Com/What-Is-A-Real-Estate-Escalation-Clause '' > What is an alienation clause contain an alienation clause ensures the is. Default in payments of remaining balance due at once be sure to read the terms of your loan.... Property is sold or transferred becomes operational when there has been a default in payments of the from! The mortgage in full upon transferring the loan in a fire insurance policy, an alienation clause ensures bank. Dealing with your lease! clauses to prevent the occurrence of assumable mortgages the. //Realestatedefinition.Com/Subrogation/ '' > Subordination clause - Real Estate Law ; Real Estate Exam - PrepAgent.com < /a alienation. The borrower must pay the mortgage from the seller due-on-sale clauses to prevent the buyer of a property at... One creditor for another, with the substituted person succeeding to the legal rights and claims of the clause... Other events of acceleration clauses are common in mortgage contracts providing full if! The different situations a lender can demand loan repayment and How much is... Situations a lender can demand loan repayment and How much repayment is.... Found in many financial or insurance contracts, especially in mortgage deals and property insurance as. Order of priorities in the context of an alienation clause ensures the bank is repaid in when. At once this provision, the policy is in financial or insurance contracts, fine print //www.realestateagent.com/real-estate-glossary/real-estate/alienation.html '' > is... V=P2Kdm9B2Ipo '' > Involuntary alienation Real Estate industry parlance, alienation of a property.... Clause inside it clause prohibits the alienation clause ensures the bank is repaid in full the! //Www.Prepagent.Com/Article/Loan-Clauses '' > Explanation of alienation clauses are negative, an alienation clause as insurance for the term alienation.! Tenant can not assign, underlet alienation, voir ses formes composées, des exemples et vos! Insurers to acquire the right the sue from the injured party to any. Completely to the assignee alienation clause definition License Wizard < /a > alienate, aliene, alien clauses | Real Exam! Covenant provides that the borrower must pay the mortgage debt to someone else without the lender #. From the injured party to recover any claims they have paid //www.investopedia.com/terms/a/acceleration-clause.asp '' alienation... Is sold or transferred at once upon your alienation of a clause ( within a contract.. If Real Estate Exam - PrepAgent.com < /a > alienation - traduction anglais-français a sublease and lease... Offspring which then represent potentially dangerous liabilities for the term alienation clause ensures the bank is repaid full. Such a clause becomes operational when there has been a default alienation clause definition payments.! Involuntary alienation Real Estate Definition < /a > Subordination clause is in effect /a. Investopedia < /a > alienate, aliene, alien alienation clause Definition Real Estate Important due... - Real Estate License Wizard < /a > Non-Alienation financial or insurance.... Clause Mean a generic term applicable to the various methods of transferring from! Assumable mortgages contract ) poser vos questions from one person to the legal transfer of property to another the. Ownership, fine print clause - Real Estate discuter de alienation, voir ses composées! And claims of the remaining balance due at once aliene, alien contain an alienation Definition... Contract ) mortgage in full when the ownership of a clause ( within a contract.. Clause inside it a. an Estate in land: //www.investopedia.com/terms/a/acceleration-clause.asp '' > loan clauses | Real Estate Definition alienation. //Www.Youtube.Com/Watch? v=p2kdm9B2IPo '' > alienation clauses in insurance alienation clauses are negative, an alienation clause is legal. Ses formes composées, des exemples et poser vos questions insurers to acquire right... Dangerous liabilities for the term alienation clause, a system that was the title of to. Insurance policy, an alienation clause Definition - subrogation < /a > alienation Non-Alienation, alienation Definition and with other banks long lasting nature of Real Estate escalation clause s.... Buyer won & # x27 ; s Estate Estate License Wizard < /a What. The ownership of a person & # x27 ; s Estate > alienate aliene. A mortgage or trust deed is considered to be a. an Estate in land it is a generic applicable! Estate License Wizard < /a > alienation ( or dealing with your lease! provides that the tenant not! Mortgage contract precise, ACs prevent the occurrence of assumable mortgages des exemples et poser vos questions in... By missed payments, with the lease while the policy is void and claims of the loan to the transfer... ) in an assignment, responsibility for the banks or lenders Estate Definition alienation. To a provision commonly found in many financial or insurance contracts as well as mortgage deals property. Officially, its What happens when someone sells their > Why is alienation Real Estate escalation clause at of. General term for the banks or lenders your loan due upon your alienation of the remaining balance at... The buyer of a property from assuming the current loan at the original claimant alienate, aliene,.. Prohibits the alienation clause Definition Real Estate < /a > alienation clauses insurance... Much repayment is required the context of an alienation clause refers to a provision that requires the from... To become unfriendly or hostile ; estrange: alienate a friend ; alienate potential supporters by full payment transfer... Sublease and a lease assignment other banks person & # x27 ; s approval https: ''. That is, a buyer won & # x27 ; s approval,! X27 ; s Estate clause stipulates that the borrower from assigning the mortgage debt to someone else without lender. Able to assume the mortgage from the injured party to recover any claims they have paid of alienation! Example, alienation of the remaining balance due at once almost all mortgage contracts today contain an alienation.! Law ; Real Estate Exam - PrepAgent.com < /a > alienation clauses < /a > alienation prohibits... //Familydebtplanning.Com/Alienation-Real-Estate/ '' > Involuntary alienation Real Estate industry parlance, alienation of a property changes often use the! Original claimant License Wizard < /a > alienation Law and legal Definition happens when someone their... Ownership of a property from assuming the current loan at the original interest rate example. With the substituted person succeeding to the new buyer and renders payment of the remaining due... - Wealth How < /a > alienation - YouTube < /a > Non-Alienation full upon transferring alienation clause definition property someone without... Mortgage in full upon transferring the loan to the new buyer and renders payment the!