Homeowner Education

The latest news, tips, and tricks for homeowners

POA

POA Definition In Residential Real Estate A POA is a governing organization formed to manage, regulate, and maintain a residential community on behalf of its

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Note

Note Definition In Residential Real Estate A Note is a written legal promise to repay a debt under specific terms. In residential real estate, this

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Necessity Easement

Necessity Easement Definition In Residential Real Estate A Necessity Easement is a legal right that allows access across another property when a residential parcel would

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Mortgage Note

Mortgage Note Definition In Residential Real Estate A Mortgage Note is a written legal promise in which a borrower agrees to repay money borrowed for

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Mortgagor

Mortgagor Definition In Residential Real Estate A Mortgagor is the individual or legal entity that borrows money to purchase or refinance residential real estate and

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Mortgage Lien

Mortgage Lien Definition In Residential Real Estate A Mortgage Lien is a legal claim placed against residential real estate to secure repayment of a loan

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Master Deed

A document used by condominium developers to record the project;its division into condominium ownership;and the grant of common areas to the condominium owners. Also called

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Lien

A lien is a claim made on a property in order to satisfy a debt. Liens are often applied to real estate, although an entity

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Liability

A liability is what a person or organization owes money on. This includes the obligation to pay taxes, loans, mortgage payments, and invoices for goods

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Legal Description

A legal description is the geographical description of real estate that identifies its precise location, boundaries and any easements for the purpose of a legal

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