The Real Estate
Encyclopedia: P-T

In real estate and marital property law, separate property refers to property owned by a married person individually and not as part of the community estate. This property belongs solely to one spouse and is not subject to division as community property. Separate...

In real estate brokerage, a selling agent is the real estate agent who procures the buyer in a transaction. This agent represents the party who brings the buyer to the property, regardless of who originally listed it. The selling agent may be different from the...

In real estate law, seisin, also spelled seizin, refers to the possession of real property by a person who is legally entitled to it. It denotes both ownership and the right to possess the land. Historically, seisin was an important concept in establishing lawful...

In real estate and commercial finance, a security interest is the legal interest a creditor holds in the property of a debtor to secure payment or performance of an obligation. It gives the creditor rights in the collateral until the debt is satisfied. Under the...

In real estate and commercial finance, a security agreement is a contract between a debtor and a secured party that creates a security interest in personal property. It is governed by the provisions of the Uniform Commercial Code. The security agreement identifies the...

In real estate and finance, security refers to real or personal property that is pledged or hypothecated by a borrower to protect the lender’s interest. The property serves as collateral to ensure repayment of a loan or performance of an obligation. If the borrower...

In real estate and finance law, a secured party is the person or entity that holds a security interest in property to secure the performance of an obligation. This party has legal rights in the collateral until the debt or obligation is satisfied. Examples of secured...

In real estate and land surveying, a section is a unit of land measurement used in the government, or rectangular, survey system. A section consists of one square mile, totaling 640 acres. Sections are used as part of legal land descriptions and are numbered within a...

In real estate finance, a second mortgage is a loan secured by a mortgage that has a lower priority than an existing first mortgage. Its lien ranks after the first mortgage in terms of legal precedence. Because a second mortgage is subordinate to the first, it carries...

In real estate finance, the secondary mortgage market is the marketplace in which existing first mortgages or deeds of trust are bought and sold. This market allows lenders to convert mortgage loans into cash, enabling them to replenish funds for new lending....