Deed in lieu of foreclosure
Agreement between mortgage debtor and lender whereby the property is surrendered to fully extinguish the debt, even if its value does not cover the outstanding loan. Not an automatic right of the debtor but a voluntary agreement, except for debtors below the exclusion threshold (Royal Decree-Law 6/2012).
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Other Civil law terms
The portion of an estate that the law reserves for certain heirs (forced heirs): descendants, ascendants and spouse. It cannot be overridden by will except for legal grounds of disinheritance.
Mortgage clause setting a minimum interest rate, preventing the borrower from benefiting from Euribor drops. Declared abusive due to lack of material transparency (STS 9/5/2013).
Public document granted before a notary by which one person (grantor) authorizes another (agent) to act on their behalf for specific or general legal acts.
Obligation to repair damage caused to another by culpable or negligent action or omission, without a prior contractual relationship. Requires action, damage, causal nexus and fault or negligence.
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