Archives: Glossary Terms

A lien on a different loan involving the same property that is placed after an earlier-placed lien.

A mortgage recorded later than another mortgage on the same property and whose claim against the property will be settled only after the earlier-recorded mortgage has been satisfied.

The clause written at the foot of an affidavit stating when, where and before whom such affidavit was sworn.

A political subdivision with power to govern its own affairs.

The amount paid to the owner of a property when it has been acquired under eminent domain. See Condemnation. Example: Property is condemned to construct a sewage treatment plant. The owner is entitled to just compensation equal to the fair market value of the property taken.

A lot in such a position that one side is adjacent to the back of other lots. It is considered to be the least desirable of the lots in a subdivision.

The material of the earth, whatever it may be such as soil, rock or other substance and it includes the free or unoccupied space for an indefinite distance upwards as well as downwards.

A loan obtained by the builder-developer for the purchase of land and to cover expenses for subdividing.

A contract used in a sale of real property whereby title to the property remains vested in the seller until the buyer who receives the right to possession has paid in installments over a long period of time a preset amount or all of the purchase price and upon default by the buyer all payments may be forfeited. Also known as a Conditional sales contract, an Installment sales contract and a Real property sales contract. See definition of Security interest.

A gift of government land to a university, public utility or railroad or for a purpose that would be in the best interest and benefit of the general public; also, the original granting of land from the public sector to the private sector commonly used in the early history of the United States.