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Dictionary of Law |
subject to :: legal definitionSubject to - adj. referring to the acquisition of title to real property upon which there is an existing mortgage or deed of trust when the new owner agrees to take title with the responsibility to continue to make the payments on the promissory note secured by the mortgage or deed of trust. Thus, the new owner (grantee) buys the property "subject to" secured debt. However, should the new owner fail to pay, the original debtor will be liable for the payment, but the holder of the mortgage or beneficiary of the deed of trust may foreclose and the buyer could thus lose title. This differs from the new title holder "assuming" the mortgage or deed of trust by a written transfer of the obligation. Such a transfer must be approved by the lender, since the new owner's credit may or may not be as strong as the original owner/borrower's. See also: assumption deed of trust mortgage and Related Law Terms ↓ Related Law Termsabeyance :: 1) n. when the owner- ship of property has not bee ... 2) legal jargon for "undetermined."abstract of title :: n. the written report on a title search which show ... e also: chain of title title report acceleration clause :: n. a provision in a contract or promissory note th ... . See also: acceleration assumption adverse possession :: n. a means to acquire title to land through obviou ... o: possession prescriptive easement after-acquired property :: n. 1) personal or real property acquired by a debt ... lso: bankruptcy secured transaction bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy basis :: n. the original cost of an asset to be used to det ... ssistance. See also: adjusted basis breach :: 1) n. literally, a break. A breach may be a failur ... breach of trust breach of warranty chain of title :: n. the succession of title ownership to real prope ... title conveyance foreclosure title closing :: n. the final step in the sale and purchase of real ... company, escrow holder or attorney. cloud on title (cloud) :: n. an actual or apparent outstanding claim on the ... ion reconveyance title title report collateral :: 1) n. property pledged to secure a loan or debt, u ... ral to the Colorado divorce action. color of title :: n. the appearance of having title to personal or r ... rty based on this "color of title." commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another. community property :: n. property and profits received by a husband and ... and distribution separate property condemn :: v. 1) for a public agency to determine that a buil ... condemnation action eminent domain condition precedent :: n. 1) in a contract, an event which must take plac ... o the property. See also: condition condominium :: n. title to a unit of real property which, in real ... ium projects. See also: common area constructive :: adj. a legal fiction for treating a situation as i ... ctive possession constructive trust constructive trust :: n. when a person has title to property and/or take ... tence. See also: constructive trust contractor :: n. 1) a person or entity that enters into a contra ... actor mechanic's lien subcontractor convey :: v. to transfer title (official ownership) to real ... ion conveyance deed grantee grantor covenant :: 1) n. a promise in a written contract or a deed of ... o compete deed restrictive covenant dedication :: n. the giving of land by a private person or entit ... perty. See also: quiet title action deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance defect :: n. an imperfection, quite often so great that the ... See also: defective defective title defective title :: n. an apparent title to real property which fails ... so: chain of title defect defective easement :: n. the right to use the real property of another f ... rstandings at the time of creation. eminent domain :: n. the power of a governmental entity (federal, st ... ngs. See also: condemn condemnation escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent fee tail :: n. an old feudal expression for a title to real pr ... rest only. See also: fee fee simple foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default foreclosure sale :: n. the actual forced sale of real property at a pu ... dicial sale mortgage sheriff's sale grant :: v. to transfer real property from a title holder ( ... deed grantee grantor quitclaim deed grant deed :: n. the document which transfers title to real prop ... rant grantee grantor quitclaim deed grantor-grantee index :: n. a set of books and/or computerized lists found ... ument in tracking a chain of title. indispensable party :: n. a person or entity which must be included in a ... tion to join Olivia as a defendant. invitee :: n. a person who comes onto another's property, pre ... ail employees. See also: negligence joint tenancy :: n. a crucial relationship in the ownership of real ... ty property tenancy in common title judicial foreclosure :: n. a judgment by a court in favor of foreclosure o ... deed of trust foreclosure mortgage laches :: n. the legal doctrine that a legal right or claim ... , breach of contract, fraud, etc.). lease :: 1) n. a written agreement in which the owner of pr ... triple net lease unlawful detainer lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property. marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust marketable title :: n. the title to real property which has no encumbr ... e. See also: contract real property mechanic's lien :: n. the right of a craftsman, laborer, supplier, ar ... ll sue for the debt. See also: lien merger :: n. 1) in corporate law, the joining together of tw ... and taking one, and wife the other. mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed muniment of title :: n. documentary evidence of title to real property. ... also: deed quiet title action title negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort nominal party :: n. a defendant or a plaintiff included in a lawsui ... ed. See also: necessary party party notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice notice of default :: n. a notice to a borrower with property as securit ... notice of default. See also: notice operation of law :: n. a change or transfer which occurs automatically ... atically upon the child turning 18. payment in due course :: n. the giving of funds to the holder of a promisso ... nds. See also: holder in due course possibility of a reverter :: n. the potential that the title to a real property ... further issue. See also: reversion pour over will :: n. a will of a person who has already executed a t ... invalid trust. See also: trust will promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury quiet title action :: n. a lawsuit to establish a party's title to real ... opposition. See also: notice title quitclaim deed :: n. a real property deed which transfers (conveys) ... also: convey deed grant deed title race to the courthouse :: n. slang for the rule that the first deed, deed of ... e also: deed judgment lien mortgage real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit. reconveyance :: n. in those states which use deeds of trust as a m ... conveyance. See also: deed of trust record :: 1) v. (ree-cored) to put a document into the offic ... eeding race to the courthouse trial remainder :: n. in real property law, the interest in real prop ... ed reversion title vested remainder restraint on alienation :: n. an attempt in a deed or will to prevent the sal ... enant rule against perpetuities use restrictive covenant :: n. 1) an agreement included in a deed to real prop ... o: covenant that runs with the land resulting trust :: n. a trust implied by law (as determined by a cour ... See also: constructive trust trust rule against perpetuities :: n. the legal prohibition against tying up property ... . See also: restraint on alienation security deposit :: n. a payment required by a landlord from a tenant ... lso: landlord and tenant lease rent subordination :: n. allowing a debt or claim which has priority to ... . See also: subordination agreement tenancy by the entirety :: n. joint ownership of title by husband and wife, i ... ee also: community property tenancy title :: n. 1) ownership of real property or personal prope ... ink slip real property title search title insurance :: n. a policy issued by an insurance company guarant ... : chain of title title title search title report :: n. the written analysis of the status of title to ... lso: abstract title title insurance title search :: n. the examination of county records for the prope ... e escrow lien title title insurance trespass :: n. entering another person's property without perm ... for an illegal purpose is a crime. trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor trust deed :: n. another name for a deed of trust, a form of mor ... paid back. See also: deed of trust trustee :: n. a person or entity who holds the assets (corpus ... es. See also: settlor trust trustor use :: n. the right to enjoy the benefits of real propert ... ay it is only of academic interest. Popular Law Searcheslegal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay. forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay. what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger." mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor. clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate. Other Law Terms - Ssaid :: adj. a reference back to a thing that was previous ... automobile in a negligent manner."sale :: n. transfer of something (and title to it) in retu ... contract forced sale sheriff's sale salvage :: 1) v. to save goods. 2) n. payment to a person or ... which saves cargo from a shipwreck. sanction :: n. 1) a financial penalty imposed by a judge on a ... ction." See also: contempt of court satisfaction :: n. receiving payment or performance of what is due ... n contract satisfaction of judgment satisfaction of judgment :: n. a document signed by a judgment creditor (the p ... ord. See also: abstract of judgment satisfaction of mortgage :: n. a document signed by a lender acknowledging tha ... id off the debt. See also: mortgage save harmless :: v. 1) also called hold harmless, to indemnify (pro ... . See also: hold harmless indemnify savings and loan :: n. a banking and lending institution, chartered ei ... vings into the home finance market. scienter :: n. Latin for "having knowledge." In criminal law, ... ents were lies and thus fraudulent. scintilla :: n. Latin for "spark." Scintilla is commonly used i ... ark) upon which to base a judgment. scope of employment :: n. actions of an employee which further the busine ... ter and servant respondeat superior scrivener :: n. a person who writes a document for another, usu ... r practicing law without a license. seal :: n. a device which creates an impression upon paper ... e "sealed," but that is rare today. sealed verdict :: n. the decision of a jury when there is a delay in ... reconvenes. See also: jury verdict sealing of records :: n. trial records and decisions which a judge order ... eep the terms from public scrutiny. search :: v. 1) to examine another's premises (including a v ... e search and seizure search warrant search and seizure :: n. examination of a person's premises (residence, ... robable cause search search warrant search warrant :: n. a written order by a judge which permits a law ... ble cause search search and seizure second degree murder :: n. a non-premeditated killing, resulting from an a ... t degree murder manslaughter murder |