Race to the Courthouse
A colloquial term used by lawyers to refer to the fact that the first deed, deed of trust, mortgage, lien, or judgment recorded with a County Recorder has priority over later recordings, regardless of the date on the documents.
Real Estate Investment Trust (REIT)
A trust owned by shareholders that buys real estate and gives each investor either a percentage interest in the property itself or an interest in a mortgage on a property. Typically, the property is improved and sold, and the shareholders receive a division of any profits made on the sale.
A piece of property consisting of all land, structures, integrated equipment such as light fixtures or well pumps, all things growing on the land, and all interests in the property, possibly including the right to future ownership, the right to occupy the property for a specified period of time, the right to get the property back, the use of airspace, oil drilling rights, or an easement across another’s property.
A promissary note under which the holder can look to the borrower personally for payment.
In some states, the right for an owner or the holder of a property lien to satisfy the debt due on a mortgage after a foreclosure.
The resistance that lending institutions have to making loans for the purchase, construction, or maintenance of a dwelling due to the socio-economic circumstances of the property’s location.
A type of mortgage that covers the costs of repairing or improving a property, or “rehabilitating” it. Some of these mortgages allow the borrower to combine the costs of rehabilitation and purchase into a single mortgage loan.
Reverse Annuity Mortgage
A type of mortgage used by retirees on fixed incomes to generate equity out of their homes while continuing to reside in them.
An addendum to a written document covering supplemental issues not covered in the rest of the document.
The rights of a person regarding a body of water upon which his or her land borders.
The amount of capital needed to offset losses incurred during a ten-year period with adverse circumstances.