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Foreclosure
The legal process in which a bank or other secured creditor sells or
repossesses a parcel of real property (immovable property) after the
owner has failed to comply with an agreement between the lender and
borrower called a "mortgage" or "deed of trust". Also known as Auctions.
Freehold
This is the legal term for the way that an owner holds the property.
With freehold land the owner owns the property/land outright subject
only to any mortgages, charges, easements, covenants etc. shown by the
deeds.
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