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Assessed Value

An assessed value is the dollar value assigned to a property to measure applicable taxes. Assessed valuation determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration. It is the price placed on a home by the corresponding government municipality to calculate property taxes.

In general, the assessed value tends to be lower than the appraisal fair market value of property.


https://www.investopedia.com/terms/a/assessedvalue.asp#ixzz5CTTGyP4I 
 

Assignment 

An assignment is the transfer of an individual's rights or property to another person or business. For example, when an option contract is assigned, an option writer has an obligation to complete the requirements of the option contract. If the option was a call, the writer would have to sell, the underlying security at the stated strike price. If it was a put, the writer would have to buy the underlying security at the stated strike price.

https://www.investopedia.com/terms/a/assignment.asp#ixzz5CTK7lrqO 
 

Bankruptcy 

Bankruptcy is a legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. All of the debtor's assets are measured and evaluated, and the assets may be used to repay a portion of outstanding debt.

https://www.investopedia.com/terms/b/bankruptcy.asp#ixzz5CTY2Maqg 
 

Blanket Mortgage

A blanket mortgage is a mortgage that covers two or more pieces of real estate. The real estate is held as collateral on the mortgage, but the individual pieces of the real estate may be sold without retiring the entire mortgage.

https://www.investopedia.com/terms/b/blanket_mortgage.asp#ixzz5CTJvB072 
 

Chain of Title

Chain of title is the official ownership record of a property or asset. Chain of ownership gets its name from its sequential nature; a chain of title traces historical title transfers from the current owner back to the original owner. Due to their critical importance in establishing ownership of a property or asset, rigorous and accurate title records are generally maintained by a centralized registry or system.

https://www.investopedia.com/terms/c/chain-of-title.asp#ixzz5CTEb7oPT 
 

Clear Title

Also known as "clean title," "just title," "good title" and "free and clear title." A clear title is a title without any kind of lien or levy from creditors or other parties and poses no question as to legal ownership. For example, an owner of a car with a clear title is the sole undisputed owner, and no other party can make any kind of legal claim to its ownership.

https://www.investopedia.com/terms/c/clear-title.asp#ixzz5CTSt3gCK 

Deed

A legal document that grants the bearer a right or privilege, provided that he or she meets a number of conditions. In order to receive the privilege - usually ownership, the bearer must be able to do so without causing others undue hardship. A person who poses a risk to society as a result of holding a deed may be restricted in his or her ability to use the property. 

Deeds are most known for being used to transfer the ownership of automobiles or land between two parties.


https://www.investopedia.com/terms/d/deed.asp#ixzz5CTEsvQTl 
 

Federal Tax Lien

A federally authorized lien against any and all assets of a taxpayer who has unpaid back taxes. The lien allows the Internal Revenue Service (IRS) to secure or otherwise requisition the taxpayer's property in order to secure payment. Federal tax liens can be assessed for unpaid taxes of any kind, including income, self-employment, gift or estate taxes.

https://www.investopedia.com/terms/f/federal-tax-lien.asp#ixzz5CTTUnQo1 

Foreclosure Action

The legal proceedings initiated by a lender in the case of mortgage default. When a borrower fails to make mortgage payments or otherwise fails to fulfill any of the obligations set forth in the mortgage agreement, the lender can enforce its rights through a foreclosure. Foreclosure is the process of selling the mortgaged property and using the proceeds of the sale to repay debt; Foreclosure action is the actual filing of and carrying through of the foreclosure process.

https://www.investopedia.com/terms/f/foreclosure-action.asp#ixzz5CTTwRFn9 
 

Grantee

The recipient of some type of property. In its most literal sense, a grantee is the recipient of a grant, a sum of money intended to fund a specific undertaking (like a college education or a research project). In real estate, the grantee is the recipient of a property - the person who will be taking title, as named in the the legal document used to transfer the real estate. The person who is relinquishing the property is called the grantor.


 https://www.investopedia.com/terms/g/grantee.asp#ixzz5CTGHIMsq 
 

Grantor

A grantor is seller of either call or put options who profits from the premium for which the options are sold. Options are sold through exchanges to option holders who are responsible for the payment of the premium. The term can also refer to the creator of a trust – the individual whose assets are put into the trust – regardless of whether the grantor also functions as the trustee.


https://www.investopedia.com/terms/g/grantor.asp#ixzz5CTG7CE9o 
 

Inheritance Tax

Inheritance tax is imposed on the assets inherited from a deceased person. Some states and a handful of federal governments around the world levy this tax. The tax rate on inheritances depends on the value of the property received by the heir or beneficiary and his relationship to the decedent. Inheritance tax is known in some countries as a "death duty" and is occasionally called "the last twist of the taxman's knife."

https://www.investopedia.com/terms/i/inheritancetax.asp#ixzz5CTXi6nYi 
 

Joint Tenancy

A type of property right where two or more people own or rent a property together, each with equal rights and obligations, until one owner dies. Upon an owner's death, that owner's interest in the property passes to the survivors without the property having to go through probate.

https://www.investopedia.com/terms/j/joint-tenancy.asp#ixzz5CTFy1qwR 
 

Land Contract

A land contract is an agreement between a buyer and seller pertaining to a specific tract of land. Developers advertise and sell tracts of land similar to the process of selling a real estate property. Land contracts can be broad in scope and may include both the land and real estate on the land. Many land contracts involve seller financed purchases. Some borrowers buying land may also choose to finance the purchase through a bank loan.

https://www.investopedia.com/terms/l/land_contract.asp#ixzz5CTHRHxzL 
 

Life Estate

A type of estate that only lasts for the lifetime of the beneficiary. A life estate is a very restrictive type of estate that prevents the beneficiary from selling the property that produces the income before the beneficiary's death. But the estate cannot continue beyond the life of the beneficiary.

https://www.investopedia.com/terms/l/life-estate.asp#ixzz5CTH93cUb 
 

Lis Pendens

A lis pendens is an official notice to the public that a lawsuit involving a claim on a property has been filed. Lis pendens refers to the concept that any buyer of property must assume any litigation that exists pertaining to the property. If a bank is suing the owner of a lot and a buyer purchases the lot, then the new owner must face the lawsuit; sale of the property does not prevent the plaintiff from seeking redress via litigation.

https://www.investopedia.com/terms/l/lis-pendens.asp#ixzz5CTU9lBbO 
 

Mortgage

A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as "liens against property" or "claims on property." If the borrower stops paying the mortgage, the bank can foreclose.

https://www.investopedia.com/terms/m/mortgage.asp#ixzz5CTHhK0BW 
 

Mortgagee

A mortgagee is an entity that lends money to a borrower for the purpose of purchasing real estate. In a mortgage lending deal the lender serves as the mortgagee and the borrower is known as the mortgagor.

https://www.investopedia.com/terms/m/mortgagee.asp#ixzz5CTIbjhCp 
 

Mortgagor

A mortgagor is an individual or company who borrows money from a lender to purchase a piece of real property. Mortgagors can obtain mortgage loans with varying terms based on their credit profile and collateral. In a mortgage loan the mortgagor must pledge the title to the real property as collateral for the loan.

https://www.investopedia.com/terms/m/mortgagor.asp#ixzz5CTJ5jass 
 

Open-End Mortgage 

An open-end mortgage is a type of mortgage that allows the borrower to increase the amount of the mortgage principal outstanding at a later time. Open-end mortgages permit the borrower to go back to the lender and borrow more money. There is usually a set dollar limit on the additional amount that can be borrowed.

https://www.investopedia.com/terms/open-end-mortgage.asp#ixzz5CTHt246D 
 

Partial Release

mortgage provision allowing some of the pledged collateral to be released from the mortgage contract if certain conditions are met.

https://www.investopedia.com/terms/p/partialrelease.asp#ixzz5CTII2PM3 
 

Purchase-Money Mortgage

A purchase-money mortgage is a mortgage issued to the borrower by the seller of a home as part of the purchase transaction. Also known a seller or owner financing, this is usually done in situations where the buyer cannot qualify for a mortgage through traditional lending channels. A purchase-money mortgage can be used in situations where the buyer is assuming the seller's mortgage, and the difference between the balance on the assumed mortgage and the sales price of the property is made up with seller financing.

https://www.investopedia.com/terms/p/purchase-money_mortgage.asp#ixzz5CTJDEsxz 
 

Quitclaim Deed

A quitclaim deed releases a person's interest in a property without stating the nature of the person's interest or rights, and with no warranties of that person’s interest or rights in the property. A quitclaim deed neither states nor guarantees that the person relinquishing their claim to the property had valid ownership, but it does prevent that person (the grantor) from later claiming he/she has an interest in the property. A quitclaim deed usually includes a legal description of the property, the name of the person who is transferring his/her interest, the name of the person who is receiving that interest (the grantee), the date and both parties’ notarized signatures.


https://www.investopedia.com/terms/q/quitclaimdeed.asp#ixzz5CTRrcbsF 
 

Rescission

Rescission is the right of an individual involved in a contract to return to a state identical to that before he entered into the agreement, due to courts not recognizing the contract as legally binding. In many cases, rescission may be an option if there is a material error in the contract. If a contract is not legally binding, courts will most often try to return the non-liable parties affected to the state they were in before the contract was signed.

https://www.investopedia.com/terms/r/rescission.asp#ixzz5CTJatCSf 
 

Special Warranty

A special warranty deed is a deed in which the grantor warrants the title against defects in clear title occurring only during their ownership of the property. The grantor of a special warranty deed does not provide a warranty or guarantee against any defects in clear title that existed before their ownership. A special warranty deed is a variation of the more commonly issued general warranty deed.

The use of the word "special" may communicate to a buyer the idea that the deed is of higher quality than a general warranty deed. In fact, the special warranty deed is less comprehensive as it offers less protection against possible defects in a clear title.


https://www.investopedia.com/terms/s/special-warranty-deed.asp#ixzz5CTSjDDz5 
 

Tenancy By The Entirety

A type of concurrent estate in real property that is unique in that it occurs where the owners of property are husband and wife. Each spouse has an equal and undivided interest in the property. In essence, each owns the entire estate. In the event that one spouse dies, the full title of the property automatically passes to the surviving spouse. A tenancy by the entirety permits spouses to jointly own property as a single legal entity.



https://www.investopedia.com/terms/t/tenancy-by-the-entirety.asp#ixzz5CTSAgAcq 
 

Tenancy In Common

Tenancy in common allows two or more people to have ownership interests in a property. Each owner has the right to leave his share of the property to any beneficiary upon the owner's death. Tenancy in common is different than joint tenancy because the transfer of the property to a beneficiary in the event of an owner's death is different: in a joint tenancy agreement, the title of the property is passed to the surviving owner, while in a tenancy-in-common agreement, the title can be passed to a beneficiary of the owner's choosing.

https://www.investopedia.com/terms/t/tenancy_in_common.asp#ixzz5CTRcpfye 

Title Insurance

Title insurance is indemnity insurance that protects the holder from financial loss sustained from defects in a title to a property. The most common type of title insurance is lender's title insurance, which the borrower purchases only to protect the lender. Owner's title insurance, paid for by the seller to protect the buyer's equity in the property, is available separately.

 

https://www.investopedia.com/terms/t/title_insurance.asp#ixzz5CSzt833v 

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