Bear Island Land Co., Inc.

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Dictionary of Terms



Tenancy in Common
A type of co-ownership of real property; a holding of an estate is land by two or more persons, each being entitled to possession of the property according to his proportionate share distinct from a joint tenancy in that there is no right of survivorship in a tenancy in common.
Term Mortgage
See Balloon payment mortgage
When a person dies leaving a will.
A document that gives evidence of an individual's ownership of property.
Title Insurance
A policy of insurance which indemnifies the holder for loss sustained by reason of a defect in the title, provided the loss does not result from a defect excluded by the policy provisions.
A federal law requiring disclosure of the Annual Percentage Rate to homebuyers shortly after they apply for the loan.
Trust Deed
A form of mortgage by which a borrower or debtor conveys title to his property to a Trustee, usually a Public Trustee, who holds the title for the protection of a
lender or creditor as a pledge or as security for the repayment of the loan or debt described in the instrument.




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