Second Mortgage A mortgage made subsequent to another mortgage and subordinate to the first one. The place where primary mortgage lenders sell the mortgages they make to obtain more funds to originate more new loans. A special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc. Survey A map or plat made by a licensed surveyor showing the results of measuring the land with its elevations, improvements, boundaries, and its relationship to surrounding tracts of land. Title Ownership of real property.
Title is transferred from one party to another through a document called a deed.
Title Insurance Protection for lenders and homeowners against financial loss resulting from legal defects in or other claims against the property's title. The cost of the policy is usually a function of the value of the property and is often borne by the purchaser and or seller. An examination of municipal records to determine the legal ownership of property. Usually is performed by a title company or attorney. A fluctuating interest rate which can go up or down depending on the going market rate.