Bear Island Land Co., Inc.

~Your Recreational Real Estate Professionals~

Dictionary of Terms

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Sale-Leaseback
Owner sells property, but retains occupancy by leasing from the buyer.
Servicing
All the steps and operations a lender performs to keep a loan in good standing, such as a collection of payments, payment of taxes, insurance, property inspections and the like.
Settlement/Settlement Costs
See Closing/Closing Costs.
Severalty Ownership
Owned by one person only (sole ownership).
Special Warranty Deed
A deed in which the grantor warrants or guarantees the title only against defects arising during his ownership of the property and not against defects existing before the timed of his ownership.
Specific Performance
A remedy which the court will grant, in certain cases, compelling the defendant to perform or carry out the terms of a valid, existing agreement or contract.
Subordination Clause
A clause in a mortgage or lease stating that the rights of the holder shall be secondary or subordinate to a subsequent encumbrance.
Survey
The process by which a parcel of land is measured and its area ascertained.

 

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Ely, Minnesota's most experienced Realtors, serving Buyers and Sellers in the Ely, MN area since 1995.