Homeowner Education

The latest news, tips, and tricks for homeowners

Master Deed

A document used by condominium developers to record the project;its division into condominium ownership;and the grant of common areas to the condominium owners. Also called

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Lien

A lien is a claim made on a property in order to satisfy a debt. Liens are often applied to real estate, although an entity

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Liability

A liability is what a person or organization owes money on. This includes the obligation to pay taxes, loans, mortgage payments, and invoices for goods

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Lessee

A lessee, also known as a tenant, is a person who rents land or personal property from the owner, or lessor.

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Legal Description

A legal description is the geographical description of real estate that identifies its precise location, boundaries and any easements for the purpose of a legal

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Leasehold Estate

A leasehold estate refers to the exclusive right of a tenant to occupy a property for a period of time. Usually a written lease agreement

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Lease

A lease is a contract in which one party, the lessor, gives the right of occupancy or use of property, such as a car, apartment

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Judgment

A judgment is a decision from a judge on a civil action or lawsuit. Usually a person is required to pay an amount of money

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Judgment Lien

A judgment lien can be placed on a property when a homeowner is sued, losses, and cannot pay. Judgment liens cover an array of circumstances

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