Language of Real Estate

Subordination vs. Subrogation

Subordination vs. Subrogation Subordination means to give up priority to an anticipated future mortgage or lien, whereas subrogation means to substitute a creditor who succeeds to the rights of another. Subrodination -- An agreement whereby a holder of a prior...

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Easement vs. License

Mistaken Identity -- Easement vs. License An easement is a permanent right in property, whereas a license, which is not an interest in property, is a temporary right to use that property and may be revoked at any time. Easement -- A nonpossessory (incorporeal)...

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Assumption vs. Subject To Mortgage

A case of Mistaken Identity: Assumption vs. Subject To Mortgage Both involve the sale of a property without paying off the underlying mortgage. With an assumption, the buyer agrees to become personally liable for any deficiency judgment upon default; subject to means...

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Chain of Title vs. Cloud on Title

Chain of Title vs. Cloud on Title The chain of title reveals the succession of owners in the history of a property, whereas a cloud on title is a defect or impairment in the title. Chain of Title --  The recorded history of matters that affect the title to a specific...

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