A situation in which more than one party is liable to repay a debt or obligation and a creditor can obtain compensation from one or more parties, either individually or jointly, whichever he chooses

A form of property ownership by two or more persons in which the joint tenants have one and the same interest, arising by one and the same conveyance, commencing atone and the same time and held by one and the same possession (the concept of four unities )

The joining of two or more people in a specific business enterprise such as the development of a condominium project or a shopping center

A lien binding on all the real estate and/or personal property of a judgment-debtor and giving the holder of the judgment a right to levy (i.e. to seize or attach) the land for satisfaction of the judgment.

A method of foreclosing upon real property by means of a court supervised sale. After an appraisal, the court determines an upset price below which no bids to purchase will be accepted.

Meeting point of two roads, streams, or railroads

A mortgage which is subordinate in right or lien priority to an existing mortgage on the same realty, such as a second mortgage

The authority or power to act, such as the authority of a court to hear and render a decision that binds both parties

Monetary or other payment received by a party as recompense or reparation for the taking of property under the powers of eminent domain or condemnation. From the takings clause of the Fifth Amendment to the United States Constitution, just compensation is often determined by the fair market value of a property. Other methods of determining fair compensation for property that has been taken through government proceedings include negotiation between the owner and the government or by court action.

1. Title to real property that is free from liens, encumbrances, or defects aside from those which the buyer has agreed to accept (mortgage to be assumed, ground lease of record, etc.)
2. Title to real property that is established, marketable, and without clouds.