Surrender

Mortgage placed on a property after a previous mortgage. It can be a second, third, etc. mortgage. A junior mortgage is subordinate to the terms of a previous mortgage. Junior mortgages ...

Amount required to payoff the full balance of the mortgage today. The amount equals the principal balance plus any prepayment penalty. ...

Allocating common or central costs to each unit of property. An example is assigning to each owner of an apartment based on the number of rooms occupied the cost incurred by the landlord to ...

A backfill defines the act of replacing a vacant lot. People use a backfill as a replacement for an unoccupied position. Backfill in construction and archaeology! The most common ...

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 ...

Natural resource, such as oil, coal, and timber, having a limited useful life and subject to depletion. Such assets decrease in worth primarily due to the extraction of the valued commodity ...

The rate at which a market can absorb additional units of supply without causing market saturation and severe price distortions. For example, during a recessionary period, many homeowners ...

A broad definition of termite clause is a provision in a contract for the sale of real property that gives the purchaser the right, at his or her expense, to have the property inspected for ...

The definition of a rambler house is quite simple in nowadays circumstances as any one-story home or ranch is also referred to as a rambler. The typical rambler house, however, has some ...