Subject To Mortgage Or Trust Deed
Situation in which a purchaser acquires mortgaged property and continues to pay the mortgagee for the debt outstanding. Although the new buyer continues to pay the mortgagee for the debt due, the new buyer is not liable for the amount due. In the case of a default, the seller of the property is liable for the remaining debt. In the case of default, only the new purchaser's equity in the property is lost.
Popular Real Estate Terms
Not attached to any parcel of land but merely a personal right to use the land of another. ...
Same as term nonconforming use: Property use which is in violation of the current zoning ordinance, but had been in use prior to the zoning ordinance's enactment. A nonconforming use is ...
Contractual agreement between a commercial or industrial rental property owner and an individual or firm who agrees to maintain the property. Management agreements specify the nature of ...
Claim by a real estate broker that his or her actions were the principal cause of the completion of a property sale between two parties. A successful procuring cause claim would entitle a ...
Body o law relating directly to condominiums and cooperative developments. Most property law provides vertical ownership of property in the sense that property owners own mineral rights as ...
Square footage of space a parcel of land has. ...
Primary business district of a city or urbanized area having the areas major governmental offices, professional, and retail businesses represented. ...
The age at which one is legally capable of entering into binding contracts, signing a deed and negotiating business agreements. In most states this is the age of majority. Normally this is ...
Right to enter and start construction or furnishing property that is in the process of being purchased. ...
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