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 lease requiring tenants to pay all utilities, insurance, taxes, and maintenance costs. ...
Condensed appraisal report covering the major items. ...
Time period for which one expects to keep property such as a real estate investment. ...
Individual who enjoy a freehold land right. ...
Provision in an agreement in which its renewal is a matter of course at the end of its initial term. ...
Significant elevation of land. Narrow upward strip. Connection of edges between different sloping surfaces. ...
Holding pool of mortgages. It is marketed as a tax exempt mortgage backed security for investors. ...
Impeding and restricting people in various activities based on their race, ethnic reasons, or religion now goes against US laws in effect. In the past, especially in the 1960s, ...
Basis for the valuation of property acquired from a decedent for tax purposes. The unified transfer tax in 1976 provides for the valuation of property to be the adjusted basis immediately ...
Have a question or comment?
We're here to help.