Lien:
A charge against property making it security for the payment of a debt, judgment, mortgage, or taxes. A lien is a type of encumbrance. A specific lien is against certain property only, while a general lien is against all of the property owned by the debtor.

Market Value:
The theoretical highest price a buyer, willing but not compelled to buy, would pay and the lowest price a seller, willing but not compelled to sell, would accept.

Personal Property (personalty):
All property that is not realty. Property that is movable, not fixed to land; also called chattel.

Points:
Fees paid to lenders to induce them to make a mortgage loan. Each point equals 1% of the loan principal. Points have the effect of reducing the amount of money advanced by the lender.

Power-of-Attorney:
An instrument authorizing a person to act as the agent of the person granting it.

Purchase and Sale Agreement:
A written agreement between seller and purchaser in which the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms of the agreement. Also called offer and acceptance, contract of sale, and earnest money contract.

Real Property:
The rights to use real estate. Sometimes also defined as real estate.

Tenancy in Common:
On ownership of realty by 2 or more persons, each of whom has an undivided interest, without the right of share of the decedent is inherited by the party or parties designated in the decedent's will.

Title:
Evidence that the owner of land is in lawful possession. Evidence of ownership.

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