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Eminent Domain

The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for...

Fair Market Value

The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell,...

Budget Category

A category of income or expense data that you can use in a budget. You can also define your own budget categories and add them to some or...

Subordinate Financing

Any mortgage or other lien that has a priority that is lower than that of the first...

Credit Repository

An organization that gathers, records, updates, and stores financial and public records information about the payment records of...

Step-Rate Mortgage

A mortgage that allows for the interest rate to increase according to a specified schedule (i.e., seven years), resulting in increased...

Tenancy In Common

A type of joint tenancy in a property without right of survivorship. Contrast with tenancy by the entirety and with joint...

Real Property

Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and...

Judicial Foreclosure

A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a...

Deed-In-Lieu

A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure. Also called a "voluntary...