First Mortgage
Definition of "First mortgage"
Initial or senior mortgage on property. It comes before all subsequent mortgages, and the mortgage has precedence in payment if default occurs.
Popular Real Estate Terms
An individual legally fit and able to undertake an activity or function. ...
The prepared form used to specify the terms of the listing contract. Usually a listing form consists of blanks the real estate agent fills in to provide the necessary information needed to ...
Unit of ownership in a real estate investment trust. ...
House made using standardized components that are preassembled on an assembly line in a factory rather than being built from "scratch" on a site. Normally, the prefabricate house is trucked ...
Trade name by the American Cyanamid Corporation for a plastic laminate surfacing material widely used on furniture, counter tops and wall coverings. Formica is hard, durable, and resistant ...
Arrears is a legal and financial term used to describe payments in regards to their due dates. While the term is more often used to refer to a contractual obligation or liability that was ...
A legally transferable debt instrument by which the issuer agrees to pay the payee within a certain time period. Note usually pay a specified rate of interest tied to the market rate of ...
Pipe or conduit for electrical wiring. Enclosed conduit made of metal or other appropriate materials for transferring low pressure hot or cold air throughout a structure. ...
Third party to a bankruptcy proceeding. The trustee's responsibility is to value and recapitalize the real estate firm if it is to be reorganized. ...
Have a question or comment?
We're here to help.