A 'Mortgagee in Possession' situation arises when a lender takes possession and control of a mortgaged property following the foreclosure of a loan secured by the mortgage. The lender holds the property, collecting any income produced, until it is sold at the foreclosure sale.
Reentry is the legal right of a landlord to take back possession of the property once the tenant's lease term has expired.
Reversion refers to the right of a lessor to possess leased property upon the termination of a lease. It is a critical concept in real estate, as it dictates the future interest in rental properties and land transactions.
Strict foreclosure is a legal process wherein the mortgagee has the right to take possession of the mortgaged property directly if the mortgagor defaults on the mortgage agreement. This type of foreclosure is infrequently utilized in modern real estate markets.
Trespass refers to the unlawful entry or possession of someone's property without permission. It can involve physical intrusion or unlawful occupation, thereby infringing on the possessor's rights.
