A mortgage which happens to be in first lien position, having priority around all other liens (which might be economical encumbrances).
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A kind of ownership during which two or even more individuals have an undivided interest in home, without the proper of survivorship. On Dying of on the list of owners, his/her interest passes to his/her heirs or devises. Contrast with joint tenancy.
An arrangement made to stimulate minimal-and average-profits families to acquire housing, in which the housing is offered at an especially favorable selling price with a small down payment.
A listing beneath which the principal (owner) reserves the ideal to checklist his assets with other brokers.
The technique by which the lender has authorized title for the mortgaged residence and the borrower has equitable title. Texas is not really a title idea condition. Distinction with lien idea state.
bond (1) A created settlement obtained from the bonding company that ensures anyone will appropriately perform a certain act, such as controlling funds, showing up in court docket, delivering fantastic title to a piece of housing or completing a design challenge.
As used in the conveyance of real estate property, an exception will be the exclusion of some Element of the assets conveyed, with title of that excepted part remaining Along with the grantor.
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A variety of coverage coverage created to secure homeowners from monetary losses associated the ownership of genuine home. Besides masking losses because more info of vandalism, fire, hail, etc.
The variations in flood plain maps mirror alterations in land use (for example increased making activity), adjustments from the waterways, and flood Regulate enhancements (such as detention ponds or other flood Handle actions). As extra tons are coated with far more buildings and parking tons, the level of drinking water that flows into creeks and lakes increases for the reason that There is certainly a lot less vegetation to absorb the h2o when it rains.
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A Phony statement, or concealment, of material actuality Using the intention of inducing action of another.