Real Estate Glossary
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A horizontal plane from which heights and depths are measured.
is a charge; an amount that a party owes and must pay at closing.
is the annual amount of mortgage payments.
is the process to transfer ownership of land from a private owner to the government – the main purpose of which is to permit the funding of maintenance through tax dollars.
Example: When a subdivision is complete the developer will dedicate roads and public areas to the governing authority for ongoing upkeep and maintenance.
deed in lieu of foreclosure
Sometimes known as a friendly foreclosure because it is carried out by mutual agreement rather than by lawsuit. This is still considered an adverse element in the borrower's credit history.
Deed of trust
A legal document where title to property is given to a third-party trustee as security for obligation owed by the borrower to the beneficiary.
A clause used in leases and mortgages that cancels a specified right upon the occurence of a certain condition, such as cancellation of a mortgage upon repayment of the mortgage loan.
A personal judgment levied against the borrower when a forclosure sale does not produce suficient funds to pay the mortgage debt in full.