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A loan secured against both land and chattels.
An independent location for a retailer that
may be near to but not part of a mall or shopping center.
A description of the increase in the value
of an asset that has not been realized (i.e. the asset has not been
sold so that owner does not enjoy the profit).
Slang term for a loan note given instead
of a cash payment.
Another word for a piece of land.
The abstract index for a property registered
in the Torrens System of land registration.
Not written, verbal.
An agreement that is not reduced to writing,
that is created through spoken words.
A legal rule of evidence. A court
will not allow evidence of oral discussions which purport to modify
a written contract.
Ownership of property that is less than 100%
or on a lower level than fee simple.
Any payment which is insufficient to meet
the full amount required.
A document signed by the mortgagees holding
a blanket mortgage registered on title to several properties which
removes the mortgage from title to just one of the properties.
Where a government body takes only a portion
of a landowner's land or rights to land by condemnation.
A very common form of mortgage in which the
term is less than the amortization period such that, at the maturity
date, the mortgage is not fully paid out and either refinancing
or a large balloon payment is required.
A mortgage in which the lender is entitled
to a stated share of the income of the property or of sale proceeds.
An court ordered division of property owned
by two or more owners, may take the form of a physical division
of the property or a forced sale and division of the proceeds.
A form of business enterprise where two or
more persons join together without forming a corporation. The partners
are capable of binding each other to contracts, are liable for each
other's actions.
A shared wall between two pieces of property,
most often in row-houses, semi-detached houses, or townhouses. The
shared wall generally stands on the property line.
The maximization of the sun's heating abilities
through careful design of a building.
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The initial transfer of title to land from
government to private ownership.
To provide the lender with the total amount
then required to retire a loan obligation.
The period of time between changes in the
amount of each periodic payment on a variable or adjustable rate
mortgage.
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A term of some variable or adjustable rate
mortgages in which the level to which the monthly payment may rise
is limited to a certain dollar figure.
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The date when the amount of each payment
under an adjustable, variable or graduated payment mortgage changes.
A contractual limit on the amount of each
periodic payment may drop at any one payment change date. Expressed
as a percentage.
A contractual limit on the amount of each
periodic payment may rise at any one payment change date. Expressed
as a percentage.
Also known as "prepayment penalty"
or "early payment penalty", the fee paid by a borrower
when she pays out some or all of the principal of a loan at a time
when such a payment is not allowed under the terms of the loan.
The biggest tenant in a commercial complex.
Also known as "key tenant" or "anchor tenant".
Fine for breaching a rule, term of a contract
or law.
The dwelling(s) located at the top of a tall
building, often luxurious.
Latin term, meaning by representation. A
method of dividing an estate equally among the heirs of the deceased.
If an heir has predeceased, her share is divided equally by her
linear descendants.
A method of determining the ability of the
soil of a property to absorb liquids, used in construction projects
and for septic systems.
A rental agreement in which the tenant's
monthly payment is a percentage of the gross sales of the tenant's
business (although a minimum payment is usually set out in the agreement).
Meeting one's obligations under a contract
or agreement.
A written promise from an insurance company,
stating that if a given person does not complete work required under
a contract, the insurer will pay someone else to complete the work
or pay damages.
See "payment cap".
See "rate cap".
A long-term mortgage, often registered after
construction is complete and the property is occupied. Also known
as "end loan."
The government body's written permission
to do something which is regulated by that body.
Endlessness. Forever. Many jurisdictions
have laws against tying up a title to a property in perpetuity.
A legal term referring to any entity which
is capable of entering a contract or suing and being sued. Generally,
an adult, mentally capable human being, an incorporated company,
a partnership or a government body.
Items owned by someone which are not land.
A person's home, used to establish their
place for voting, taxation and other civic issues.
See "personal property".
Slang term describing the possibility that
a lender will lose money as a result of committing to a loan at
a given interest rate only to see interest rates rise in the interim
before the loan transaction is closed.
See "flag pole lot". A piece of
land connected to a street by a long, narrow strip of land.
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The amount of extra money a borrower must
have to cover the cost of principal, interest and taxes on a mortgage
for a set number of months.
The person who sues in court. The person
who makes a legal claim. As opposed to "defendant".
A housing development where a homeowner's
association administers common property owned and shared by all
dwelling owners in the project. Dwellings are often clustered to
allow for more common space and special zoning is required for this
kind of development.
An appointed board which conducts hearings
to consider applications for minor variances of planning ordinances.
Also known as "Planning Board, "Zoning Board", etc.
A public record of plans, street maps, etc.
PLAT:
A detailed map which sets out lots, streets,
common areas and other features of a tract of land.
The payment of funds into a pledged account
to be used to reduce mortgage payments at a later date.
A survey-like diagram of a property showing
current or planned improvements and uses of the land.
The act of acquiring a number of smaller,
adjacent parcels to create one larger, more useful plot of land.
Identification required by most state's licensing
commissions for real estate salespersons and brokers.
Equal to 1% of the principal of a mortgage,
a charge levied on the borrower by the lender for originating the
mortgage as prepaid interest. Also known as "loan discount
points".
1. Gather into a group for greater effectiveness.
2. An artificial body of water for recreational swimming.
The state of occupying, controlling, using
property to the exclusion of all others, exhibiting one's right
or title to property.
The amount of money that a property will
generate if it is fully utilized with no gaps, vacancies or other
interruptions in income.
A document, signed by the donor in front
of witnesses, authorizing another person to act on the donor's behalf
and to bind the donor to those actions.
Generally the fastest and cheapest mortgage
enforcement method open to lenders. A common clause in a mortgage
agreement which gives the lender the right to take over and sell
the property to cure the borrower's default. The sale proceeds are
allocated first to principal and interest, then to penalties, then
to the lender's costs in exercising the power, then to other registered
claimants and finally to the borrower if there is any left.
A long low house of the early twentieth century
style, with a row of windows across the front and a plain exterior.
A commitment from a lender to provide a mortgage
loan on stated terms to a borrower before the borrower has found
a property to buy. The pre-approved mortgage allows the borrower
to make a firm, cash offer on the property of choice.
An arrangement between lender and borrower
in which the lender agrees to favorable terms for the borrower on
a future refinance as an inducement to the borrower to place the
original mortgage with the lender.
A meeting of the parties to a transaction
prior to the scheduled closing date to allow some or all of the
documents to be signed and more complicated issues settled prior
to closing.
Descriptive term for a building that is put
together on site from components (walls, floors, roof, etc.) built
off-site (in a factory, for example).
The sale of a property by a delinquent borrower
under an agreement with the lender. The sale may not produce enough
proceeds to pay out the loan but the lender will save the costs
of foreclosing and selling.
To find tenants for a property before
construction is completed.
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A descriptive term for the land, building
or parts thereof involved in a particular transaction.
1. The periodic payment on a policy of insurance.
2. The value of a debt instrument in excess of it face value.
3. Of highest quality.
Payments made on account of costs and disbursements
that are not yet incurred, may be placed in an escrow account.
Charges for interest that are paid in advance
of their accrual (i.e. point charges, etc.).
Payment of all or part of the principal of
a mortgage or loan before it comes due.
A term in a mortgage that establishes the
rules regarding extra payments toward principal.
A fee charged to a borrower for paying out
all or part of the principal of the mortgage or loan before it comes
due.
The right of the borrower to pay out all
or part of the outstanding principal before it comes due.
The act of going through the mortgage application
process before the borrower is ready to borrow, to establish how
much money the borrower could obtain under a loan.
Marketing of properties under construction
or simply in the planning stages.
A legal term describing the acquisition of
rights or obligations through the passage of time (such as adverse
possession).
A legally enforceable right to make use of
all or part of the property of another as a result of continuous
and uninterrupted use of that property for a period of time as established
by statute.
An adjustable or variable payment loan which
uses the rate of inflation as an index.
The main lease, under which other sub-leases
exist.
The best rate charged on loans, usually saved
for the best clients of the lenders. May also be set by a national
institution as a benchmark or index for other lenders.
1. The amount of money borrowed or still
owed on a loan, without including interest.
2. The person on whose behalf an agent acts.
A blended, periodic payment that is
enough to pay off accumulated interest and a portion of the principal.
The outstanding amount owing on a mortgage
without including accumulated interest.
The head of a real estate brokerage, licensed
as a broker, who is responsible for all transactions run through
the firm.
The dwelling in which a person resides for
the majority of the time.
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The four parts of many periodic loan payments.
A policy of insurance issued by a non-governmental
entity which protects a lender against the default of the borrower.
Establishment of the validity of a will through
a court process.
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Latin meaning a statement "according
to form". Financial projections.
Loan advances issued to a builder as construction
of a building moves forward.
A document signifying an indebtedness.
1. The rights of ownership in lands or goods.
2. Land.
Also known as "realty tax", the
tax levied on ownership of property.
A rental agreement between a cooperative
housing corporation and a share holder allowing use of a certain
unit in the premises.
To apportion a divisible item among parties
according to their share.
1. To investigate land for valuable mineral
deposits.
2. A potential buyer.
A public meeting at which properties are
sold to pay defaulted mortgages.
Accommodation offered by the government to
low income people for nominal rents.
See "public auction".
See "agreement of sale" or "agreement
of purchase and sale".
See "mortgage back". A loan from
the vendor to the purchaser to help finance the purchase of the
property.
The person who buys a property.
The consideration paid for the purchase of
a property as set out in the agreement.
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