Dictionary

Definition:   a sale of secured real property that produces less money than is owed the lender.  The lender releases its mortgage so that the property can be sold free and clear to the new purchase...

Definition:  the act of removing something attached to the land or of terminating a relationship Pronunciation:   \ˈsev-rən(t)s\ Used in a Sentence:   When a fence is removed, there is a severance ...

Definition:   sole ownership of real property Pronunciation:  \ˈsev-rəl-tē\ Used in a Sentence:   Since Joe was the sole owner of the property, he had an estate in severalty.

Definition:   zoning restrictions on the amount of land required surrounding improvements; the amount of space required between the lot line and the building line Pronunciation:   \ˈset-ˌbak\ Used ...

Definition:   a disclosure statement given to borrowers that stipulates whether the lender intends to service the loan or transfer it to another lender or servicing company Pronunciation: Used in a...

Definition:   businesses that attract local money (e.g. , grocery stores, retail shops) Pronunciation: Used in a Sentence:   Destination properties, such as grocery stores, are a type of service in...

Definition:   property held individually, as opposed to community property or property held jointly Pronunciation:  \ˈse-p(ə-)ˌrāt\ \ˈprä-pər-tē\ Used in a Sentence:   When Sue and Mike got married...

Definition:   an economic situation that favors the seller because the demand for property is greater than the supply Pronunciation: Used in a Sentence:   We were able to get a higher price for our...

Definition:   a covenant in a deed that warrants that the grantor holds the property by virtue of a fee simple title and has a complete right to dispose of same Pronunciation:  \ˈsē-zən\ Used in a ...