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Home Categories Home Ownership Illegal possession is a legal process whereby a person who is not the owner of a piece of land acquires title and ownership of that land after a certain period of time. An appraisal is an estimate of the fair market value of a property, business, antique, or even a collectible. An appraised value is the dollar value assigned to a home or other piece of real estate for property tax purposes. A prospective mortgage is an agreement whereby the outstanding mortgage and its terms can be transferred from the current owner to the buyer. A bungalow is a type of house or cottage that is usually either a single story or a second, half or partial floor built into a sloping roof. In a cash refinance, a new mortgage is taken on for more than your previous mortgage balance and the difference is paid to you in cash. A movable property loan is secured by a movable item or movable property that is used to purchase the loan. The creditor has the right of ownership of the movable property. Comparative Market Analysis (CMA) is a home price assessment used to help sellers set listing prices and help buyers make competitive offers. A conventional mortgage or conventional loan is a homebuyer’s loan that is not offered or secured by a government agency. The deed of transfer is issued upon full payment of the mortgage loan.