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Betterment

An improvement that increases property value as distinguished from repairs or replacements that simply maintain...

Biweekly Payment Mortgage

A mortgage that requires payments to reduce the debt every two weeks (instead of the standard monthly payment schedule). The 26 (or...

Fee Simple Estate

An unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be...

Rent With Option To Buy

See lease-purchase mortgage...

Assignment

The transfer of a mortgage from one person to...

Joint Tenancy

A form of co-ownership that gives each tenant equal interest and equal rights in the property, including the right of...

Default

Failure to make mortgage payments on a timely basis or to comply with other requirements of a...

Bona Fide

In good faith, without...

Balloon Mortgage

A mortgage that has level monthly payments that will amortize it over a stated term but that provides for a lump sum payment to be due at...

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...