The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.
A title that is free and clear of objectionable liens, clouds, or other title defects. A title which enables an owner to sell his property freely to others and which others will accept without objection.
A lien given by statute to those who perform labor or furnish material for the improvement of real property.
Metes and Bounds
A description of real property by courses and distances, giving the lengths and direction of the boundaries of a tract of land, usually irregular in shape.
A legal document used to secure the performance of an obligation. The purpose of the mortgage is to create a lien on the mortgaged property as security for repayment of a debt.
A written notice from the bank or other lending institution saying it will advance mortgage funds in a specified amount to enable a buyer to purchase a house.
Insurance written by an independent mortgage insurance company (referred to as an "MIC") protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender to lend a higher percentage of the sale price. The Federal Government writes this form of insurance through the FHA and the VA.
An instrument used to encumber land as security for a debt. This document gives the mortgage company "in rem" jurisdiction over the mortgagor.
The source of funds for a mortgage loan; one who receives and holds a mortgage as security for repayment of a debt.
A title insurance policy used to insure the mortgage lien that a lender is acquiring.
The owner of property who borrows money and mortgages property as security for the loan.