General property tax is a levy on property that the owner is required to pay. The tax is based on the value of the property, including land, buildings, and other improvements on the property.
A landlord is a property owner who rents out their property to another party, known as the tenant, in exchange for rent. The landlord retains ownership of the property while granting the tenant the right to use it as specified in a lease agreement.
A proprietor is an owner of a property or business. In the context of a company, the owners are referred to as shareholders.
A clause in a mortgage that gives the property owner the privilege of paying off a portion of the mortgage indebtedness, thus freeing a portion of the property from the mortgage.
A voluntary lien is a legal claim against a property, typically agreed upon by the property owner, often involving mortgages or other secured loans.
A mutual effort by a property owner and lender to avoid foreclosure or bankruptcy following a default. It generally involves a substantial reduction in the debt service burden during an economic downturn.
