Docsity is not optimized for the browser you're using. In order to have a better experience please switch to Google Chrome, Firefox, Internet Explorer 9+ or Safari!
Download Google Chrome
   Back to the top

Billy Bob briefly considered and then rejected a deal because of the “obvious” undesirable (to the borrower) terms embedded in the assumable mortgage on the property. That undesirable nature of the mortgage was a direct function of two options exchanged at closing between a prior buyer of the property and the existing mortgage holder. What are those two options? Be precise. (Answer?)

We have formed a society in our  college council where we provide e-resources to our subscribers related to exam material. I personally thought of including this question in it as well, because it is often tested in our exams. Please elaborate it.

Answers (6)

somit 09-05-2013
"The prior buyer got a modestly lower interest rate, in exchange for being locked out of prepaying the mortgage. (He gave the lender a PUT). But, he got an option to let a new buyer assume the mortgage, provided the new buyer passed a credit check with the mortgage holder. This was an older deal, from the early 2000’s. Source: "
shamir_69 13-05-2013
Easily perceived or understood; clear, self-evident, or apparent  
shareeka_555 13-05-2013
(1) whatever is rarely seen until someone expresses it. (2) that which is not seen lower than when it's well expressed. / (3) essentially the most difficult question to respond to.  
amla 14-05-2013
A disorder of non-patentability during which an invention cannot get a valid patent just because a person with ordinary skill in that technology can readily deduce it from publicly published information (prior art).  
adiaa 14-05-2013
The concept that the claims defining an invention within a patent application must involve an inventive step if, as compared to precisely what is already known (i.e. prior art), it would not be obvious to someone skilled inside the art.  
devashish 15-05-2013
I think you'll weren't sleeping when we discussed this earlier, because I won't repeat it.

Add your answer

Up to 3 download points

Related questions