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REAL ESTATE AND MORTGAGE TERMS:
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- A lien such as a tax lien or judgement lien, which attaches
to all property of the debtor rather than the lien of, for example,
a trust deed, which attaches only to a specific property.
- A deed which conveys not only all the grantor's interests
in and title to the property to the grantee, but also warrants
that if the title is defective or has a "cloud" on it (such
as mortgage claims, tax liens, title claims, judgements, or
mechanic's liens against it) the grantee may hold the grantor
liable.
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- Having a credit report deemed acceptable by most lending institutions.
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- A government owned agency that acts as a secondary market
conduit for FHA and VA loans. GNMA guarantees the timely principal
and interest payments to investors.
- The clause in a law permitting the continuation of a use,
business, etc., which was permissible but because of a change
in the law is now no longer permissible.
- Rent paid for vacant land. If the property is improved, ground
rent is the portion attributable to the land only.
- The buyer, who receives a deed.
- The seller, who gives a deed.
GLOSSARY:
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