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FEDERAL TAX LIEN A federal lien which attaches to real property, either if the federal estate tax is not paid, or if the taxpayer has violated the federal income tax or payroll tax laws. CLOUD ON TITLE Any document, claim, unreleased lien or encumbrance which many impair or injure the title to property or make the title doubtful because of its apparent or possible validity. INDUSTRIAL PARK An area zoned industrial and containing sites for many separate industries and developed and managed as a unit, usually with provisions for common services for the users. DELINQUENCY Failure to make payments as agreed in the loan agreement. LEGAL NOTICE That notice which is either implied or required by law. Constructive notice under the recording laws is also referred to as legal notice. BUY-DOWN MORTGAGE A mortgage loan with a below-market rate for a period of time. BULK TRANSFERS Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise. |
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