A housing development that is created by dividing areas of land into individual lots that are sold or leased.
Subject to Mortgage
In this situation, the buyer of a property that has an existing mortgage makes the payments but is not held personally responsible for the loan. In the case of a default or a foreclosure, the seller, the party that originally obtained the mortgage, is held responsible but not the buyer who inherited the payments.
An agreement between a lessee and another party where the party assumes responsibility for paying the loan or rent during a specified period of time.
A mortgage or other lien whose priority for repayment falls below that of the first mortgage.
A clause in the contract of a mortgage that allows additional mortgages to be taken out on the property, with the additional mortgages taking a higher priority for repayment than the first mortgage.
The process of substituting one party for another, transferring the responsibility for payment in respect to debts or insurance claims to the subsequent party.
an agreement between the lessee and the landlord that allows the lessee to stay in a rented property after the renting term has expired. The landlord can decide how long this sufferance period lasts
A map that is drawn after a property
This is an agreement that states that a party will contribute to the reconstruction or rehabilitation of a property instead of paying for these actions in cash.
Tenancy at Sufferance
Also referred to as a holdover tenant, this is he term used to describe a tenant that continues to live on the property without the landlord
Tenancy at Will
An agreement reached between the lessee and the lessor that allows the tenancy contracted to be terminated at any time by either party
Tenancy by the Entirety
A term that describes the situation where a husband and wife jointly own a property, and the property is transferred to surviving member in the event of the other
Tenancy in Common
An estate or interest in land where a property is equally and jointly owned by two or more parties, however there is no will or procedure for succession in the event of one of the party
A party that is occupying a property owned by another party with the consent of the owning party
An offer of monetary value.
This term refers to leaving a will at the time of death.
A man that has drafted a will or testament.
A woman that has drafted a will or testament.
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