Lease with Option to Purchase:  A lease under which the lessee has the right to purchase the property. The price and terms of the purchase must be set forth for the option to be valid.  The option may run for the length of the lease or only for a portion of the lease period.

Adjustable Sale Price:  An appraisal term used when a comparable property's sale price is adjusted to reflect the value of the subject property.  The adjustment is made based on the  between the subject property and comparable property in time of sale, terms of sale, location, and physical characteristics.

Sheriff's Deed:  Deed given at sheriff's sale in foreclosure of mortgage.  The giving of said deed begins a statutory redemption period.  Also given at court ordered sale, pursuant to the execution of a judgment.

Statutory Lien:   An involuntary lien (created by law rather than by contract). includes tax liens judgment liens mechanic's liens, etc.\

Cash Out:  To take the entire amount of a seller's equity in cash rather than to retain some interest in the property, such as a purchase money mortgage or deed of trust.  Also loosely used when paying off anyone having an interest in property, thereby ending the interest.

A Factory Built Home:   Is quite simply, a home that is pre-built by the manufacturer and transported to the homeowne'rs lot.  Because these homes are constructed in a controlled environment, unforeseen weather delays are eliminated.  The result is a high-quality home constructed in half the time.

Recording Fee:  The amount paid to the recorder's office in order to make a document a matter of public record.