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
Rear lining of chimney. An acceptable chimney back lining can be achieved by plastering the interior surfaces of the chimney. A better alternative, however, is a manufactured lining of ...
The construction of a highway right way over a privately held parcel of land. Property owners are entitled to compensation for the value of the property usurped by a highway easement. See ...
Map presented to a municipality's planning agency by a real estate developer for consideration and approval. ...
The term effective interest rate is the actual return from a savings account or any investment where you pay interest when considering the effects of compounding costs over time. Through an ...
A married partner. Property may be jointly held by spouses. ...
The accrued interest definition can be explained through the interest collected by a set date on financial obligations that were not paid out. As interest can be of two types, so does ...
Counter action by a defendant against a plaintiff. It is an independent action and just a denial of plaintiff's action. ...
An agreement allowing occupancy of a premises for a stated period of time provided certain terms are met. A limited occupancy agreement is most frequently used when a prospective buyer is ...
Buyer who is acting in good faith, is not aware of any outstanding claims or rights of others to the property, and has given valuable consideration as part of the business transaction. ...
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