housing

In-kind income is defined as any income other than money or cash. It can be in any form either in the form of benefits received by an employer or the government. Usually this term is used for the benefits received from the government  for basic needs such as shelter, utilities, food, or clothing.

To incumber (commonly spelled encumber) means to effect an encumbrance on real property.

[Last reviewed in April of 2022 by the Wex Definitions Team]

Judicial foreclosure refers to the foreclosure proceedings handled by the court, namely selling a home to pay off debt.

“Land use” is a term that is used to describe the different purposes land may be used for. This includes both economic and cultural uses of land. Common types of land use include:

Landlord-tenant law governs the rental of residential and commercial property.

• property
• private property rights
• property contracts
• property law
• Real Property
• real estate
• landlord
• eviction
• contract law
• contract
• discrimination
• state law

A lease is a contract between two parties where one party, the lessor, allows the other party, the lessee, use of their property for a period of time in exchange for consideration, usually a monthly sum of money.

Limited equity housing, often formed as a limited equity housing cooperative (LEHC), is a type of affordable residential arrangement in which residents purchase shares in a cooperative corporation that owns the housing property. In exchange for the right to occupy a unit, residents buy a share at below-market cost and pay ongoing monthly fees to cover operating expenses. 

A loan broker, also called a mortgage broker, is an intermediary between a borrower and a lender. While a borrower may obtain a loan directly from a lender, a broker assists in identifying lenders that best meet the borrower’s financial needs or goals.

A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate transactions.