A mortgage that is secondary to another mortgage. If a foreclosure were to occur, the primary mortgage is repaid first.
Keogh Plan (retirement)
A retirement plan for self-employed businesses where one can supply up to 25% of their earned income to the plan. Caps out at $30,000.
A tenant that resides within a building and attracts the business of customers, such as a popular chain retail store or restaurant.
An added benefit given to the lender by the borrower on top of the normal, scheduled payments, such as equity in the business.
Commonly found in apartments or other small residences, a kitchenette is a small kitchen area that provides the basic necessities for cooking.
A very observable and obvious land formation that is used as a reference point for the boundaries of lands.
A hold, claim or charge levied against the lands of an owner who fails to make payments and therefore owes debts.
An official notice recorded by a county that shows there is a pending lawsuit against the reported lands.
A formal written contract that allows an agent to represent a party in the selling, leasing, or buying of a property.
The formal legal process of bringing an action to court to enforce a particular right. In real estate, litigation typically concerns income producing real estate properties as well as business centers.
The last step taken in submitting a home loan where the borrower is required to report basic financial information.
The timeline the lender sets for the buyer to pay the mortgage off.
Loan to Value
A proportion that calculates the amount of money borrowed with the appraised value of the home.
An agreement that states that during a specified period of time, the borrower
Loss Payable Clause
A statement within the Fire and Casualty Policy that guarantees any loss will be paid to two or more parties as their interest may appear.
A parcel of land with fixed boundaries set by reference of a land survey.
A small concentration of housing units in a specified area.
A coating that is applied between panes of glass that improves the energy efficiency of a home.
The age of which a person transitions from a minor to an age where he can represent himself and handle his own affairs.
The price placed on a property that takes into account the estimated appraisal value as well as the market values of similar properties.
Page 10 of 19