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REAL ESTATE AND MORTGAGE TERMS:
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- See agreement of sale.
- Document issued by mortgagee when the mortgage is paid off.
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- Small Business Administration
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- Commonly known as a vacation home. This home is not rented
and is occupied occasionally by the owners.
- A loan secured by a mortgage or trust deed, which lien is
junior to another mortgage or trust deed.
- The buying and selling of mortgage notes between sophisticated
investors such as pension funds, commercial banks, savings and
loans and wall street firms.
- An entity, such as FNMA or FHLMC, that buys mortgage loans
for investment or sells them again to another secondary market
investor. Secondary market investors do not service loans and
do not collect payments from borrowers.
- The buying and selling of first mortgages of trust deeds by
banks, insurance companies, government agencies, and other mortgagees.
- Real or personal property pledged by a borrower as additional
protection for the lender's interest.
- Agent who takes the seller as a client, is legally obligated
to a set of fiduciary duties and is required to put the seller's
interests above all other's.
- An Underground tank in which sewage from the house is reduced
to liquid by bacterial action and drained off.
- Regulates the distance from the lot line to the point where
improvements may be constructed.
- See "closing".
- This booklet gives an overview of the lending process and
is required by HUD. It is provided to consumers after the loan
application is completed.
- A statement prepared by broker, escrow or lender giving a
complete breakdown of the cost associated with a real estate
transaction.
- A deed given at the sheriff's sale in foreclosure of a mortgage.
- A residential home that is not attached physically to another
home.
- A special tax imposed on property, individual lots or all
property in the immediate area, for road construction, sidewalks,
sewers, street lights, etc.
- A lien that binds a specified piece of property, unlikd a
general lien, which is levied against all one's assets. It creates
a right to retain something of value belonging to another person
as compensation for labor, material, or money expended in that
person's behalf. In some localities it is called "particular"
lien or "specific" lien. (See lien).
- A deed in which the grantor conveys title to the grantee and
agrees to protect the grantee against title defects or claims
asserted by the grantor and those persons whose right to assert
a claim against the title arose during the period the grantor
held title to the property. In a special warranty deed the grantor
guarantees to the grantee that he has done nothing during the
time he held title to the property which has, or which might
in the future, impair the grantee's title.
- Lawsuit requesting that a contract be exactly carried out,
usually asking that the seller be ordered to convey the property
as previously agreed.
- An application developed by FNMA and FHLMC that is widely
used in the mortgage industry.
- Unique housing finance programs to assist first time home
buyers and low to moderate housing groups. Each state and local
group has different sets of criteria.
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- loan program in which the borrowers income is “stated”
to the lender. Typically there is no income verification.
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- The law requires that certain contracts, such as agreements
of sale, to be in writing in order to be enforceable.
- An involuntary lien, includes tax liens, judgement liens,
mechanic liens, etc.
- A document which is recorded to change the trustee under the
deed of trust.
- Map or plat made by a licensed surveyor who measures land
and charts its boundaries, improvements, and relationship to
the property surrounding it. A survey is often required by the
lender to assure him that a building is actually sited on the
land according to its legal description.
- All rights of a joint tenant passes to the surviving joint
tenant.
- Equity created by the labor of the purchaser or borrower that
increases the value of the property.
GLOSSARY:
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