Lien, Junior
Subordinate lien to a previous lien. Generally attached after a previous, and therefore senior, lien has been attached to property. In the event of a foreclosure action where there are insufficient proceeds to cover all the claims against the property, a junior lien can be satisfied only after all senior liens are satisfied.
Popular Real Estate Terms
A court order on an issue directly related to the immediate action. ...
Area or county used in the census or other data gathering functions that has a population of 50,000 inhabitants or more. ...
Final property appraisal estimate arrived at by applying appropriate appraisal methods. ...
The term collusion may make you think about colluding from the start, and you wouldn’t be far from the truth. The definition of collusion is a secret, non-competitive, and, at times, ...
Generic name given for any association of property owners sharing an interest in commonly owned property. Community associations may be developed in condominium, cooperative, or housing ...
Also called hyperinflation. Very high rate of inflation rate. ...
Amount charged for each unit of rental property. An example of a unit might be square footage of space or an apartment. ...
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Approach to valuing property based on its replacement cost. The cost of each major element of the property per square foot is added together and multiplied by the total space to estimate ...
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