A “catch all” term used to describe many different types of debtor- creditor relationships, such as a chattel mortgage, trust receipt, inventory liens, etc.

Commonly a deposit of money by a tenant to a landlord to secure performance of a written or oral rental agreement.

The mortgage or trust deed that secures the promise to repay under the note. The instrument hypothecates real property as collateral security for repayment.

The interest of the creditor (secured party) created by a security agreement.

Any matter which settles to the bottom in a liquid. See also: Sedimentary Rock.

One of the three major classifications of rocks. Rocks formed from sediment, such as suspension in water. Sandstones, limestones, and shales, are some examples.

A general term describing any initial funds used to begin a project. Usually not the major source or amount of the funds necessary to complete the project.

Originally the completion of feudal investiture, it has come to mean possession under a legal right (usually a fee interest).

An optional speling of existing definition, which is spelled seisen (seizen).

Remedy allowing one party to act against another without use of court marshalls or police. Example: A landlord who evicts a tenant by simply moving the tenant’s belongings out and changing the locks. Self help remedies have greatly decreased in recent years.

Walls which support only their own weight. Not load-bearing.

See: Purchase Money Mortgage.

See: Purchase Money Mortgage (1).

A situation favoring a seller. In real estate, when there are more interested buyers than available properties.

The real estate agent obtaining the buyer rather than listing the property. The listing and selling agent may be the same person or company.

A prefix meaning partly; one half, or twice in a time period. For example: A semicircle is one half of a circle; semiannual is twice in one year. See also: Bi.

A roof resembling an extended arch. Usually found on barns or barracks type buildings.

The mortgage with higher priority than the mortgage to which it is compared. Example: A first (in time) mortgage would be senior to a second (in time) mortgage. A second mortgage senior to a third. The priority can change by subordination, making a second mortgage senior to a first, a third senior to a first or second, etc.

Property owned by a husband or wife in which the other has no legal ownership interest.

A master of a construction plan, from which prints are made. Called a sepia because of its brown color.

A sewage system, whereby waste is drained through pipes and a tile field into a septic tank. Found in areas where city or county sewers have not yet been installed.