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Simple English definitions for legal terms

due-on-sale clause

Read a random definition: pro consilio impendendo

A quick definition of due-on-sale clause:

A due-on-sale clause is a rule in a loan agreement that says if you sell the thing you bought with the loan, you have to pay back the whole loan right away. This is to make sure the lender gets their money back and to prevent people from taking advantage of low interest rates by selling the thing they bought and keeping the loan.

A more thorough explanation:

A due-on-sale clause is a provision in a loan agreement that requires the borrower to pay off the loan in full if the asset used as collateral is sold or transferred to another party. This clause is commonly found in mortgage agreements and is designed to protect the lender's interests.

Let's say you take out a mortgage to buy a house. The mortgage agreement includes a due-on-sale clause that states that if you sell the house, you must pay off the remaining balance of the loan. If you decide to sell the house to someone else, you would need to pay off the mortgage in full before the sale can be completed.

Another example would be if you used your car as collateral for a loan. If you sell the car to someone else, the due-on-sale clause would require you to pay off the remaining balance of the loan before the sale can be completed.

These examples illustrate how a due-on-sale clause can protect the lender's interests by ensuring that the loan is paid off in full if the asset used as collateral is sold or transferred to another party.

due, owing, and unpaid | DUI

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WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
ClassyPleasantHeron
10:01
The "date changes" at Michigan really don't mean anything. We had to do them in undergrad admissions whenever a Georgia applicant picked the country instead of the state, because we'd have to remove the TOEFL requirement and reassign the application from the international application readers.
soapy
10:06
Classy, does that mean they may look at your application, and that look doesn't necessarily trigger any date change?
1a2b3c4d26z
10:06
Man
1a2b3c4d26z
10:07
Walkin to the bus
1a2b3c4d26z
10:07
What a good day to get into law school
ClassyPleasantHeron
10:11
@soapy: I don't know for sure about the law school. For undergrad, once the application is complete, it's assigned to a reader the following Monday. If we had to make any changes, it's because a reader saw something that needed to be changed and the application needed to be re-read after that change.
soapy
10:12
Ahh, got it. Thank you for the insight!
ClassyPleasantHeron
10:14
You're welcome. FWIW, I have no idea what's up with the address changes. We didn't have to do any of that, except for the Georgia state vs country kinds of things.
soapy
10:15
I've heard it theorized that some schools will change the address from "St." --> "Street" as they prepare to send out admissions packets. That's the rumor, anyways.
i think it just indicates a change in status like under review or stages of review
my stanford address went long as soon as it was marked complete lmao
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