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OPEN SPACE Certain portion of the landscape which has not been built upon and which is sought either to be reserved in its natural state or used for agricultural or recreational purposes(such as parks, squares, and the like). PROPERTY REPORT A disclosure document required under the federal interstate land sales act where applicable to the interstate sale of subdivided lots. JUDGMENT LIEN A lien binding on all the real estate of a judgment-debtor and giving the holder of the judgment a right to levy (i.e. to seize) the land for satisfaction of the judgment. DOWER The legal right or interest a wife acquires in property her husband held or acquired anytime during marriage. HEIR A person who inherits under a will or a person who succeeds to property by the laws of descent if the decedent dies without a will (intestate). MORTGAGE LOAN A loan for which real estate serves as collateral to provide for repayment in case of default. APPLICATION An initial statement of personal and financial information required to apply for a loan. |
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