Glossary

F

Fee Simple - The highest and best form of ownership recognized by law. Owner is entitled to the entire property with unconditional power to sell it.

First Mortgage - A real estate loan that creates a primary lien against real property.

Fixtures - Improvements or personal property so attached to the land as to become part of the real estate. For example, a porch would be considered a fixture, whereas a ceiling fan may just be personal property.

Foreclosure - A termination of all rights of a mortgagor in the property covered by a Mortgage. Statutory foreclosure is effected without recourse to courts but must conform to applicable laws.

Forfeiture - The loss of money or anything else of value because of failure to perform under contract. For example, because the prospective Purchaser failed to keep up payments under the land contract, he or she forfeited all of his or her rights to the property.

Free and Clear Title - Title to a property without encumbrances.  It is generally used to refer to a property free of mortgage debt.

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