Definition
Tax Lien
A claim by a taxing authority for unpaid taxes, which generally takes priority over a mortgage.
Nearby terms
Subordination
An agreement in which an existing lienholder accepts a lower priority position, commonly required when refinancing a first mortgage behind an existing HELOC.
Survey
A drawing showing property boundaries, improvements, easements and encroachments.
Title
The legal right of ownership in real property, as distinct from the deed, which is the document transferring it.
Title Commitment
The title insurer's document stating the terms on which it will issue a policy, including exceptions and requirements.
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