A borrower is a person or entity that has received a loan and is obligated to repay the amount borrowed, often with interest and other fees, according to the loan terms. The term is commonly used interchangeably with 'debtor.'
In the context of real estate, a debtor is a person or entity obligated to repay a debt. The debtor obtains a loan or other form of credit, typically used to purchase property, and is legally responsible for repaying the borrowed amount according to the agreed terms. The opposite of a debtor is a creditor, who provides the loan or credit.
A decree issued by a court determining that one individual is indebted to another and specifying the amount owed.
A judgment debtor is an individual or entity who has been ordered by a court to pay a sum of money but has not yet satisfied this obligation. This term is often used in legal and real estate contexts where defaulting on financial responsibilities can lead to court judgments.
A 'levy' refers to the legal imposition, assessment, or collection of charges such as taxes, fines, or other financial obligations. When an authority such as a government or court mandates a collection, it is termed a levy.
In real estate, liability refers to any legal debts or financial obligations incurred during the course of business. It stands in contrast to assets, which represent ownership of resources or properties.
To alleviate, reduce, or abate a penalty, punishment, or damage in a real estate context. Often involves actions such as mitigating financial obligations or physical damage to property.
In real estate, 'Priority' refers to the order in which creditors will be repaid in the event of a foreclosure. This can significantly impact which stakeholders are paid first and who might not receive any repayment if funds are exhausted.
