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Lien theory
Lien theory Some states interpret a mortgage as being purely a lien on real property. The mortgagee thus has no right of possession but must foreclose the lien and sell the property if the mortgagor defaults.
RELATED TERMS--------------------------------------
Mortgage
A legal document pledging property as security for the payment of a loan.
Lien
A charge or claim by one party on the property of another as security for the payment of a debt.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Mortgagee
The lender in a mortgage agreement.
Possession
The condition of having signed all the papers at closing and having received keys to the house.
Mortgagor
The borrower in a mortgage agreement.
SIMILAR TERMS--------------------------------------
Lien
A charge or claim by one party on the property of another as security for the payment of a debt.
Lien waiver
Documents signed by subcontractors and suppliers, indicating they have received payment in full.
PREVIOUS AND NEXT TERMS--------------------------------------
Liability coverage
Insurance coverage for injuries or losses sustained by the public when on an individual's property.
Liability insurance
Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party.
LIBOR (London InterBank Offered Rate)
The interest rate offered on Eurodollar deposits traded between banks, also called swaps
License
1) A privilege or right granted to a person by a state to operate as a real estate broker or salesperson. 2) The revocable permission for a temporary use of land.
Lien
A charge or claim by one party on the property of another as security for the payment of a debt.
Lien theory
Lien waiver
Documents signed by subcontractors and suppliers, indicating they have received payment in full.
Life
Cycle costing In property management, comparing one type of equipment to another based on both purchase cost and operating cost over its expected useful lifetime.
Life cap
For an adjustable-rate mortgage (ARM), a limit on the amount that the enterest rate can increase or decrease over the life of the mortgage.
Life cycle costing
In property management, comparing one type of equipment to another based on both purchase cost and operating cost over its expected useful lifetime.
Life estate
An estate in real property for the life of a person
This dictionary contains 6433 terms. |
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