Foreclosure: The act to deprive a mortgagor of the right to redeem his/her property, especially on failure to make payment of a mortgage when due. Ownership of the property then passes to the mortgagee.
Grantee: The person to whom land ownership is transferred; the buyer.
Grantor: The person who transfers property ownership; the seller.
Lease: Contract conveying property to another for only a specified period of time