The best Side of Hattiesburg Real Estate Glossary

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TAX LIEN - A normal statutory lien imposed towards real house for failure to pay taxes. You will find federal tax liens and condition tax liens.

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ATTACHMENT - The lawful means of seizing the real or particular property of the defendant in a very lawsuit, by levy or judicial get, and Keeping it within the custody in the courts as stability for fulfillment from the judgment which the plaintiff may Recuperate in almost any action on a agreement, Specific or implied.

Independence with the working day-to-day obligations linked to property administration: For those who regulate a assets on your own, you'll have to deal with things like lease selection, tenant issues, and servicing and fix troubles.

REAL ESTATE - The Actual physical land and appurtenances, together with any structures; for all functional purposes synonymous with real residence.

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ARBITRATION - The non-judicial submission of an issue to selected 3rd parties for his or her willpower in the manner supplied by settlement or by law.

BLANKET MORTGAGE - A mortgage that is secured by various constructions or Full Article many plenty. A blanket mortgage is commonly accustomed to finance proposed subdivisions or advancement initiatives, In particular cooperatives.

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P PACKAGE MORTGAGE - A approach to financing where the loan that funds the purchase of a home also finances the purchase of private goods such as a washer and dryer, refrigerator, stove and other specified appliances.

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ASSUMPTION OF MORTGAGE - The act of buying title to assets that has an present mortgage on it and agreeing for being personally answerable for the terms and conditions of the mortgage, which includes payments.

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