A letter authorizing a person or company to draw on a back, or stating that the bank will honor their credit up to the stated amount. A formal letter stating that a buyer or developer is interested in a property. The letter creates no legal obligation. Insurance covering the risks related to the property and personal liability claims or other parties against the insured party. A legal hold or claim of creditor on the property of another as security for a debt.
Liens are always against property, usually real property.
A tax term applying to the exchange of business or investment properties. Taxes on an exchange may be postponed for like-kind properties. A VA document that states the portion of a loan that is guaranteed. The ratio of mortgage amount to appraised value or sales price of real property. Used by lenders to determine maximum loan amounts as set by law.