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REAL ESTATE AND MORTGAGE TERMS:
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- A set of restrictions filed by a subdivider to cover an entire
tract or subdivision.
- The voluntary giving of private property to some public use
by the owner, as teh dedicatin of land for streets, schools,
etc., in a development.
- Formal written document transferring title to real estate;
a new deed is used for each transfer. The deed should contain
an accurate description of the property being conveyed, should
be signed and witnessed according to the laws of the State where
the property is located, and should be delivered to the purchaser
at closing day. (See also deed of trust, general warranty deed,
quitclaim deed, and special warranty deed.)
- An instrument given by the borrower to a third party (trustee)
vesting title to the property in the trustee as security for
the borrower's repayment of the mortgage loan.
- The document required by the lender to be recorded along with
the security instrument for an ARM.
- Restrictions placed on use of real property by writing in
a deed to control use and occupancy of the property by future
owners.
- Failure to make mortgage payments or violations other provisions
of the mortgage note.
- Title to real property which lacks some of the elements necessary
to transfer good title. Title to a negotiable instrument obtained
by fraud.
- Personal claim against the debtor when the sale of foreclosed
property does not yield sufficient proceeds to pay off the loan(s)
and accrued interest.
- Also called Earnest Money Deposit, the deposit is money given
to the seller or his agent by the potential buyer upon the signing
of the agreement of sale to show that he is serious about buying
the house. If the sale goes through, the earnest money is applied
against the down payment. If the sale does not go through, the
earnest money deposit will be forfeited to the seller unless
the purchase contract expressly provides conditions for its
return to the buyer.
- Decrease in value to real property improvements due to wear
and tear, adverse changes in the neighborhood, or any other
reason.
- Real Estate left by will.
- One to whom real estate is given by will.
- A testator who leaves real estate.
- A lender that can complete the processing and closing of an
FHA loan without prior approval from FHA.
- An amortized mortgage in which principal and interest are
computed on the remaining balance.
- A loan funded below par (100%). Lenders or investors will
fund loans at a discount in order increase the overall yield
on the note.
- A loan funded below par (100%). Lenders or investors will
fund loans at a discount in order to increase the overall yield
on the note.
- Payments made during the course of an escrow or at closing.
- Stamps affixed to a deed showing the amount of transfer tax.
In Nebraska the documentary tax is $1.75 for each thousand dollars
of the selling price.
- The rights of a widow to a portion of her deceased husband's
property.
- Cash to be paid by the buyer at closing to consummate a real
estate transaction. Down payment is the difference between the
sales price and the mortgage amount.. Buyer cash required at
closing includes the down payment, closing costs and prepaid
expenses.
- A clause in a mortgage or deed of trust which places the real
estate as security for existing debts between the parties.
GLOSSARY:
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