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
The company is not responsible to a third party if an account or financial instrument is dishonored by the debtor. The creditor's recourse is solely to the debtor's property. An example is ...
An insurance policy indemnifying a property owner up to the limits of the policy against fire or other hazard requiring the total destruction and removal of the structure. ...
Real property that is without any obligations, liens, or anything else against it. It is free and clear such as a house without mortgage. ...
Architectural style featuring a long low roof line with a continuous row of windows and a plain exterior. It is very open design with long horizontal lines rather than having small secluded ...
Legal action under eminent domain where the government takes ownership of privately held real estate for public use (parks or schools for example) irrespective of the owners wishes. The ...
Tax concept whereby income not actually received is considered to be constructively received by a taxpayer and thus must be reported. ...
Projecting what the total cost would be to construct a structure. Costs include material, labor, and lawyers' fees. ...
Municipal ordinance stating the distance from a curb or property line where the building of a structure is prohibited. Also states the distances from a boundary line where construction is ...
See clapboard. ...
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