Title Theory States
Some states make the legal assumption, based on title theory, that the mortgagee is a partial owner of the real estate securing the mortgage and remains as is until the debt is fully paid. That is, if the borrower defaults, the lender may take immediate control of the property for purposes of satisfying the outstanding debt. In other states where lien theory is followed, the mortgage lender may not take immediate possession of the property, but rather must initiate foreclosure proceedings.
Popular Real Estate Terms
Negative characteristics about real property which do not meet the needs of the usual occupant. Examples are inadequate lighting in the rooms and a one-car garage when a two-car garage is ...
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When a debtor defaults on a loan for which a deed of trust is given, the trustee is required to have a sale of the real estate security for the benefit of the lender. A deed of trust is ...
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Structure have two dwelling units under the same roof. Two-story apartment unit. ...
member of the National Association of Real Estate Brokers, Inc. ...
When a real estate company switches from one accounting method to another. ...
Yearly tax return filed by an individual or couple. It is due to the federal taxing authority on April 15 for the preceding calendar year. The taxpayer reports gross income, adjustments to ...
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