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BORROWER (MORTGAGOR) An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan. SUBORDINATION AGREEMENT An agreement whereby a prior mortgagee agrees to subordinate or give up their priority position to an existing or anticipated future lien. PROBATE The formal judicial proceeding to prove or confirm the validity of a will. The will is presented to the probate court, and creditors and interested parties are notified to present their claims or to show cause why the provisions of the will should not be enforced by the court. SURVEY A measurement of land, prepared by a licensed surveyor, showing a property's boundaries, elevations, improvements, and relationship to surrounding tracts. GENERAL CONTRACTOR A construction specialist who enters into a formal construction contract with a land owner or master lessee to construct a real estate building or project. PREMISES The subject property, such as the property which is deeded or the unit that is leased. POINT OF BEGINNING The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument. |
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