Dictionary of Law
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Founded: 67
foreclosure sale :: n. the actual forced sale of real property at a pu ... dicial sale mortgage sheriff's sale
judicial foreclosure :: n. a judgment by a court in favor of foreclosure o ... deed of trust foreclosure mortgage
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
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
satisfaction of mortgage :: n. a document signed by a lender acknowledging tha ... id off the debt. See also: mortgage
mortgagee :: n. the person or business making a loan that is se ... money. See also: mortgage mortgagor
deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance
cloud on title (cloud) :: n. an actual or apparent outstanding claim on the ... ion reconveyance title title report
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
redeem :: v. to buy back, as when an owner who had mortgaged ... so: foreclosure mortgage redemption
notice of default :: n. a notice to a borrower with property as securit ... notice of default. See also: notice
reentry :: n. taking back possession and going into real prop ... ages. See also: landlord and tenant
subordination agreement :: n. a written contract in which a lender who has se ... ty records. See also: subordination
moratorium :: n. 1) any suspension of activity, particularly vol ... to normal activities and earnings.
default :: 1) n. failure to respond to a summons and complain ... default judgment notice of default
chattel mortgage :: n. an outmoded written document which made a chatt ... ed by the property. See also: UCC-1
equity of redemption :: n. the right of a mortgagor (person owing on a loa ... so: foreclosure mortgage redemption
deficiency judgment :: n. a judgment for an amount not covered by the val ... o: foreclosure judicial foreclosure
priority :: n. the right to be first or ahead of the rights or ... (in the "race to the courthouse").
promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury
Truth in Lending Act :: n. a federal statute which requires a commercial l ... erms and cancel the loan agreement.
prudent man rule :: n. the requirement that a trustee, investment mana ... (1994). See also: fiduciary trustee
prevailing party :: n. the winner in a lawsuit. Many contracts, leases ... ed before or after trial has begun.
preference :: n. in bankruptcy, the payment of a debt to one cre ... nds or assets. See also: bankruptcy
title search :: n. the examination of county records for the prope ... e escrow lien title title insurance
mortgagor :: n. the person who has borrowed money and pledged h ... agee). See also: mortgage mortgagee
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
quiet title action :: n. a lawsuit to establish a party's title to real ... opposition. See also: notice title
title report :: n. the written analysis of the status of title to ... lso: abstract title title insurance
secured transaction :: n. any loan or credit in which property is pledged ... d of trust lien mortgage pawn UCC-1
security interest :: n. generic term for the property rights of a lende ... : deed of trust lien mortgage UCC-1
senior lien :: n. the first security interest (lien or claim) pla ... rtgage race to the courthouse UCC-1
subject to :: adj. referring to the acquisition of title to real ... : assumption deed of trust mortgage
savings and loan :: n. a banking and lending institution, chartered ei ... vings into the home finance market.
tenancy in common :: n. title to property (usually real property, but i ... on. See also: joint tenancy tenancy
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.
trust deed :: n. another name for a deed of trust, a form of mor ... paid back. See also: deed of trust
marketable title :: n. the title to real property which has no encumbr ... e. See also: contract real property
encumbrance :: (incumbrance)n. a general term for any claim or li ... and must be paid for at some point.
acknowledgment :: n. the section at the end of a document where a no ... me leases and various other papers.
abstract of title :: n. the written report on a title search which show ... e also: chain of title title report
after-acquired property :: n. 1) personal or real property acquired by a debt ... lso: bankruptcy secured transaction
alienation :: n. the transfer of title to real property, volunta ... such as a mortgage. See also: alien
attorney-in-fact :: n. someone specifically named by another through a ... cument. See also: power of attorney
repossess :: v. to take back property through judicial processe ... upon default in required payments.
redemption :: n. the act of redeeming, buying back property by p ... ts of foreclosure. See also: redeem
bankruptcy proceedings :: n. the bankruptcy procedure is: a) filing a petiti ... ankruptcy court claim in bankruptcy
chain of title :: n. the succession of title ownership to real prope ... title conveyance foreclosure title
in lieu :: prep. instead. "In lieu taxes" are use taxes paid ... go through the foreclosure process.
market value :: n. the price which a seller of property would rece ... ich are often called "comparables."
bail bond :: n. a bond provided by an insurance company through ... urned. See also: bail bail bondsman
bank :: n. 1) an officially chartered institution empowere ... erred to as "in bank" or "en banc."
hypothecate :: v. from Greek for "pledge," a generic term for usi ... sion. See also: secured transaction
grantor-grantee index :: n. a set of books and/or computerized lists found ... ument in tracking a chain of title.
insolvency :: n. 1) the condition of having more debts (liabilit ... the property. See also: bankruptcy
insurance :: n. a contract (insurance policy) in which the insu ... t clause Workers' Compensation Acts
judgment creditor :: n. the winning plaintiff in a lawsuit to whom the ... 's rights judgment prevailing party
good title :: n. ownership of real property which is totally fre ... or deed of trust on the property).
escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent
bottomry :: n. a mortgage contract in which a ship and/or its ... n sell the ship and/or its freight.
closing :: n. the final step in the sale and purchase of real ... company, escrow holder or attorney.
court costs :: n. fees for expenses that the courts pass on to at ... ee also: cost bill prevailing party
deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed
lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage