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.
The right that gives a party ownership of materials found beneath the surface of their property. In Texas, these are typically referred to as Mineral Rights and under current law, these rights are treated as separate from that of the property and can be sold and transferred independently of the property.
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.
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