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Library
Mortgage Definitions
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- Lien for nonpayment of taxes.
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- Public sale of property at auction by governmental authority, after a period of non payment of property taxes.
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- A form of ownership by husband and wife whereby each owns the entire property. In event of death of one, the survivor owns the property without probate.
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- Legal phrase in a contract, requiring punctual performance of all obligations.
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- Often used interchangeably with the word ownership. It indicates the accumulation of all rights in property by the owner and others.
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- These companies charge various fees for their services..
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- An insurance policy which protects the insured (purchaser and lender) against loss arising from defects in title.
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- A review of the public records to make sure that no adverse claims affect the value of the title.
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- A federal government regulation that provides details of the cost of obtaining a mortgage loan. Lenders must provide this shortly after the loan application has been completed.
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