(1) One who receives personal property by will. (2) One receiving any property by will, real or personal.

Any person or entity advancing funds which are to be repaid. A general term encompassing all mortgagees, and beneficiaries under deeds of trust.

See: Loss Payable Clause.

See: Loan Policy.

The party to whom a lease (the right to possession) is given in return for a consideration (rent).

In appraising the value of a lessee’s interest to determine the value of a potential sublease of assignment (sale) of the lease, the value is the market value of the property, less the interest of the lessor. The lessor’s interest would be largely determined by the ratio of the return on the lease to the market value without the lease.

The party (usually the owner) who gives the lease (right to possession) in return for a consideration (rent).

The present value of the future income under the lease, plus the present value of the property after the lease expires (reversion).

A brief report giving only conclusions, as opposed to a narrative report detailing how the conclusions were reached.

A letter from a grantor to a tenant, stating that the property has been sold, and directing rent to be paid to the grantee (new owner).

A letter, usually from a bank, requesting a person or company to extend credit to a certain person or company, and guarantying payment. Most commonly used in the purchase of goods from another country. The letter may be revocable or irrevocable, but most parties insist on the irrevocable.

A formal method of stating that a prospective developer, buyer, or lessee, is interested in property. Not an offer and creates no obligation. However, a builder who wants to build an office building, for example, may influence a lender by showing letters of intent from major prospective tenants.

A probate court order appointing an administrator.

An instrument from the government (federal or state) granting land to an individual.

Order of a probate court granting authority to an executor.

A synonym for leasing.

An embankment constructed along a river or stream to prevent flooding.See also: Causeway.

See: Interest Included Note.

The use of financing to allow a small amount of cash to purchase a large property investment.

A collection, seizure, assessment, etc., such as to levy (assess and collect) taxes.

A general term encompassing all types of debts and obligations.