- A legal claim against property as a result of a voluntary contract, such as a mortgage.
legal document, claim, legal right
Related Terms and Acronyms
- Caveat — Definition,
- A charge or instrument placed on land title.
- To give warning, notice or caution; beware.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Lien — Definition,
- A legal hold or claim of a creditor on the property of another.
- Lien Waiver — Definition,
- A document in legal form signed by persons or firms which have lien rights, waiving those rights.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.