A mortgage or trust deed that is securing a loan that is in addition to the first mortgage on the property, which makes it a second mortgage, and where others could be added which would make them a third, fourth, fifth or sixth mortgage or trust deed, but they are still referred to as a second mortgage.
A market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; also called the secondary money market. Mortgages are first originated in the primary mortgage market.
The funds given as collateral by a tenant so that at the termination of the lease the leased property can be restored to its original condition if necessary.
A Uniform Commercial Code term which replaces such terms as chattel mortgage, pledge, trust receipt, chattel trust, equipment trust, conditional sale, inventory lien, etc. that is used to designate the interest of a creditor in the property of a debtor in all types of credit transactions
Entity that has legal possession, (ownership) of any interests, benefits or rights inherent to the real or personal property. The person(s) or company that owns a property, or debt instrument and wants to sell it.
A financing arrangement whereby the owner acts as the lender for the buyer until he or she can qualify and obtain financing from an instutional lender.
The economic market condition that exists when a seller is in a more commanding position as to price and terms because of a limited number of properties being available and the demand from users and potential users exceeds the supply.
A licensee who actually gets a buyer into contract for a property. Do not confuse a selling agent with the seller’s agent who is normally the listing agent.
The property owned by a husband or wife in his or her own right outside of the community interest including property acquired by the spouse (a) before marriage, (b) by gift or inheritance, (c) from rents and profits on separate property or (d) with the proceeds from other separate property.
A counterclaim or cross-demand charged by a defendant against the claim of a plaintiff in an action seeking money damages.
