An installment contract for the sale of land whereby the
seller (vendor) holds legal title and the buyer (vendee)
has equitable title until the sales price is paid in full.
An agreement by which an owner of real property (lessor)
gives the right of possession to another (lessee), for a
specified period of time (term) and for a specified consideration
A description of land recognized by law, based on government
surveys, spelling out the exact boundaries of the entire
piece of land. It should so thoroughly identify a parcel
of land that it cannot be confused with any other.
Any person or entity advancing funds which are to be repaid.
A general term encompassing all mortgagees, and beneficiaries
under deeds of trust.
An encumbrance against property for money, either voluntary
or involuntary. All liens are encumbrances but all encumbrances
are not liens.
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