Archives: Glossary Terms

See Indirect costs.

A property owned by only one party or person. Also known as Severalty ownership.

A mortgage that provides for only interest payments and where the entire principal falls due in one payment at the maturity of the loan.

A statement in a deed or other sales contract that confirms the fact that the purchaser actually gave something of value for the property.

The commonly-used identifying term for various statutes which require that a legal action be begun within a prescribed time after acquiring the right to seek legal relief.

A term pointing to the laws created by the enactment of legislation as opposed to law created by court decisions.

The giving of private land for public use under a procedure established by statute.

A lien, such as a real estate tax lien, granted to a party by a statute or operation of law.

The time period granted to a delinquent borrower to pay up and cure his loan deficiencies before his property can be permanently taken away.

The legal right under state law granted for a limited period of time for a mortgagor to redeem or buy back the title to his or her real property after a foreclosure sale has taken place by paying the full amount of the debt plus any costs involved to the lender.