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Posted on April 16, 2019 - 07:04 AM
by Michael Bowen
At Equity Real Estate we know that real estate terms can sometimes be confusing. We are going to share with you some common real estate terms and their meanings to help give you a greater understanding when you are trying to buy or sell a home.
*Mortgage Lien: an encumbrance on property used to secure a loan. The holder of the lien has a claim to the property
in case of loan default. The priority of the claim depends on the order of recording and any subordination agreements. Thus a first mortgage generally has prior claim to all other mortgage lien holders.
At Equity Real Estate we are here to help you navigate the home buying process. Please give us a call with any questions, we're happy to help!
*Barron's Real Estate Guides: Dictionary of Real Estate Terms