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
Property title having no encumbrances. In the usual sense this means a title not having a mortgage. Other encumbrances could include judgments or additional financial liens. ...
Listing of all of the plats of subdivided plots in a jurisdiction showing the location, boundaries, and plat owners. A plat book normally shows other improvements including roads, blocks, ...
The assessment in real estate definition means the evaluation of a property’s value by an assessor. They are generally required to evaluate the property annually as the assessment is ...
An order withdrawing a property lien after a claim is paid by other means. ...
To depreciate is to lose value for something. Depreciation is the act of losing worth.Connecting with real estate, Property depreciation can be both an accounting method typically used to ...
Demolition and removal of all existing structures on a building site and the subsequent construction of a totally new building structure. For example, in a downtown redevelopment project, ...
Individual having permission to act ob behalf of a bank or other financial institution in a specified locality to attract interest borrowers. ...
As the term “servient” comes from the root word “serve” and to serve means to perform a duty or a service for another entity, its meaning is easy to define. The term ...
Partial fulfillment. Pro tanto is normally used in relation to the partial satisfaction of a claim. For example, a pro tanto settlement in an eminent domain action will not prejudice any ...
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