:
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.ack
to Top
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.
:
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.
:
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.ack
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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.ck
to Top
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 timek to Top
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.ack to
Top
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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