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Home Improvement Low Store
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Real Estate Terms of the Day for Home Improvement Low Store
TITLE INSURANCE
Insurance which protects the lender (lender's policy) or the buyer (owner's policy) against loss due to disputes over ownership of a property.
ALLODIAL SYSTEM
The free ownership of land by individuals.
ESTOPPEL
A legal doctrine by which a person is prevented from asserting rights or facts which are inconsistent with a previous position or representation he had made by his act, conduct or silence.
PREPAID INTEREST
The paying of interest before it is due.
JUDICIAL FORECLOSURE
A method of foreclosing upon real property by means of a court supervised sale. After an appraisal, the court determines an upset price below which no bids to purchase will be accepted.
LESSEE
The person to whom property is rented or leased; called a "tenant" in most residential leases.
YIELD
The return on an investment or the amount of profit, stated as a percentage of the amount invested.
SUBJECT TO MORTGAGE
A grantee taking title to real property "subject to mortgage" is not personally liable to the mortgagee for payment of the mortgage note. In the event the grantor-mortgagor defaults in paying the note, the grantee could, however, lose property, and thus his equity, in a foreclosure sale.
TITLE
Document which gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property.
VARIABLE RATE
Interest rate that changes periodically in relation to an index.
CLOUD ON TITLE
Any document, claim, unreleased lien or encumbrance which many impair or injure the title to property or make the title doubtful because of its apparent or possible validity.
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