An estate under which the owner is entitled to unrestricted powers to dispose
of the property, and which can be left by will or inherited. Commonly, a synonym
Fixed Rate Mortgage
A mortgage having a rate of interest which remains the same for the life of
Legal process by which a mortgagor of real property is deprived of his interest
in that property due to failure to comply with terms and conditions of the
Forfeiture of Title
A common penalty for the violation of conditions or restrictions imposed by
the seller upon the buyer in a deed or other proper document. For example,
a deed may be granted upon the condition that if liquor is sold on the land,
the title to the land will be forfeited (that is, lost) by the buyer (or
some later owner) and will revert to the seller.
In real estate, revealing all the known facts which may affect the decision
of a buyer or tenant. A broker must disclose known defects in the property
for sale or lease.