(1) Surrendering voluntarily or involuntarily ownership of property or an interest therein. (2) Court order to give up possession or the right to property such as in the case of an ...
Legal term of the writ authorizing the taking of property or rights because of legal action. Its purpose is to protect the property to satisfy a judgment in favor of the plaintiff. ...
Mortgage placed on a property after a previous mortgage. It can be a second, third, etc. mortgage. A junior mortgage is subordinate to the terms of a previous mortgage. Junior mortgages ...
Recognizes profit on a long-term construction contract as it is earned gradually during the construction period. This approach is preferred over the completed contract method because it ...
Assures that the title is free of any legal claims including encumbrances. It includes covenants of seizin, freedom from encumbrance, express warranties of title, right to quiet enjoyment, ...
Open Listing is a type of Listing where home sellers allow a real estate agent to sell their house, while not providing any kind of exclusiveness: other agents can also attempt to ...
A proration is the division of certain fees. If the sellers have paid the taxes six months in advance, for example, they may want a portion of that payment back for the months you are ...
A title search is the process of reviewing court records and other records to ensure that there are no liens or claims against the property you are buying. ...
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