Security Interest
Creditor's control over property. When a loan is secured with pledged assets, the creditor has the right to go to court to obtain possession of the property if the borrower defaults. The creditor can usually sell the property, apply the amount received to the balance owed, and sue for any still remaining unpaid balance. State laws differ as to creditor's rights and obligations.
Popular Real Estate Terms
Business that transforms an underdeveloped tract of land into plots ready for construction. ...
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Deed used to transfer property rights to a governmental authority. ...
Total transfer of one's rights under a real estate contract to another. ...
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