Business, Legal & Accounting Glossary
A mortgage or trust deed that covers more than one lot or parcel of real property, and often an entire subdivision. As individual lots are sold, a partial re-conveyance or release from the blanket mortgage is usually obtained.
The developer was able to get a low APR on his blanket mortgage, which was fortunate as it took him several years to sell all of the parcels in the complex.
Although the blanket mortgage for all of the properties uses a 30-year amortization schedule, the individual property owners will be able to negotiate their own contract rates.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Blanket Mortgage are sourced/syndicated and enhanced from:
This glossary post was last updated: 13th February, 2020 | 6 Views.