|
|
Glossary of TermsA. | B. | C. | D. | E. | F. | G. | H. | I. | J. | K | L. | M. | N. | O. | P. | Q. | R. | S. | T. | U. | V. | W. | X | Y. | Z.
Abstract of Title: A summary of the public records relating to the title to a particular piece of land. An attorney or title insurance company reviews an abstract of title to determine whether there are any title defects which must be cleared before a buyer can purchase clear, marketable, and insurable title. Acceleration Clause: Condition in a mortgage that may require the balance of the loan to become due immediately, if regular mortgage payments are not made or for breach of other conditions of the mortgage. Adjustable-Rate Mortgage (ARM): A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see ARMs referred to as AMLs (adjustable mortgage loans) or VRMs (variable-rate mortgages) Agreement of Sale: Known by various names, such as contract of purchase, purchase agreement, or sales agreement according to location or jurisdiction. A contract in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions spelled out in writing and signed by both parties. Adjustable Mortgage Loans (AML) (See Adjustable Rate Mortgage) All Inclusive Trust Deed (AITD): Also known as a Wraparound Mortgage. A junior lien on a property which encompasses the senior financing. Enables the borrower to increase the amount of borrowing without paying off the original loan or paying the higher interest rates associated with other types of secondary financing. The borrower makes one payment (usually to the seller) from which the senior financing is paid with the balance going toward the holder of the Note. May be advantageous to the seller in that he can experience an additional return on money (the senior financing) which he never loaned. Amortization: A payment plan which enables the borrower to reduce his debt gradually through monthly payments of principal. Fully amortized loans are paid in full at the end of the loan term. Annual Percentage Rate (APR): A measure of the cost of credit, expressed as a yearly rate. It includes interest and points as well as other charges. It provides consumers with a good basis for comparing the cost of any loan, including a proposed mortgage loan. Appraisal: An expert judgment or estimate of the quality or value of real estate as of a given date. Relies upon one or more of three different types of valuation approach depending upon the property type and current or anticipated usage: The Market Approach, Cost Approach or Income Approach. Assessed Value: Dollar amount assigned to taxable property for tax purposes by the county tax assessor. It is usually a statutory percentage of market value. (Not to be confused with appraised value.) Assignment: Transfer of one person’s rights under a contract to another. Assumability: When a home is sold, the seller may be able to transfer the mortgage to the new buyer. This means the mortgage is assumable. Lenders generally require a credit review of the new borrower and usually charge a fee for the assumption. Most mortgages now contain a due-on-sale clause, which means that the mortgage may not be transferable to a new buyer. Instead, the lender may insist that the entire balance is paid in full when the home is sold. Assumability may benefit the seller especially during periods of higher interest rates or after periods of property depreciation. Assumption of Mortgage: An obligation undertaken by the purchaser of property to be personally liable for payment of an existing mortgage. In a full assumption, the purchaser is substituted for the original mortgagor in the mortgage instrument and the original mortgagor is to be released from further liability in the assumption, the mortgagee's consent is usually required. The original mortgagor should always obtain a written release from further liability if he desires to be fully released under the assumption. Failure to obtain such a release renders the original mortgagor liable if the person assuming the mortgage fails to make the monthly payments. (Not to be confused with a subject-to purchase.) Balloon Note: A Promissory Note which requires only partial or no amortization (principal reduction.) Balloon Notes result in an eventual Balloon Payment. A Balloon Note may be coupled with an Extendible Rider which allows for the extension of the loan term as long as certain conditions are met. (Such as on 5/25 and 7/23 loans.) Balloon Payment: Amount of loan principal remaining unamortized and outstanding at the end of the mortgage term. Beneficiary (see Deed of Trust) Blanket Mortgage: Mortgage lien d by two or more property parcels. Boot: Cash or other non-real-estate assets exchanged for real property. Break-even Cash Ratio: Equalization of the ratio of operating expense plus debt service to gross income (1:1.) Interpreted as the occupancy level that must be achieved to break even. Broker (see Real Estate Broker) Building Code: Local and State Laws that set minimum construction standards. Building Line or Setback: Distances from the ends and/or sides of the lot beyond which construction may not extend. The building line may be established by a filed plat of subdivision, by restrictive covenants in deeds or leases, by building codes, or by zoning ordinances. Buydown: With a buydown, the seller or borrower pays an amount to the lender so that the lender can offer a lower rate and lower payments, during the earlier portion of the loan term. If the seller pays, he may increase the sales price to cover the cost of the buydown. Buydowns can occur in all types of mortgages; fixed rate, interim fixed and adjustables. Cap: A limit on how much the interest rate or the monthly payment can change, either at each adjustment or during the life of the mortgage. Payment caps don't limit the amount of interest the lender is earning, so they may cause negative amortization. Capitalization: Process of estimating value by discounting stabilized net operating income by an appropriate rate. Certificate of Occupancy: Official document issued by a local government body stating that a structure meets local zoning and building codes and is ready for use. Certificate of Title: A certificate issued by a title company or a written opinion rendered by an attorney that the seller has good marketable and insurable title to the property which he is offering for sale. A certificate of title offers no protection against any hidden defects in the title which an examination of the records could not reveal. The issuer of a certificate of title is liable only for damages due to negligence. The protection offered a homeowner under a certificate of title is not as great as that offered in a title insurance policy. Closing Costs: The numerous expenses which buyers and sellers normally incur to complete a transaction in the transfer of ownership of real estate. These costs are in addition to price of the property and are items prepaid at or before the closing day. Non-Recurring Closing Costs are items such as appraisal, credit report, processing fees, origination fees, transfer taxes, points, etc., which are paid on a one-time basis. Recurring Closing Costs (also known as pre-paids) include such items as property taxes, hazard insurance and may include pre-paid interest or Private Mortgage Insurance premiums. Total costs and the method by which they are split between the buyer and seller depend upon local custom, jurisdiction and agreements stipulated in the purchase contract. Closing Day: The day on which the formalities of a real estate sale are concluded and at which time title passes from seller to buyer. The final closing merely confirms the original agreement reached in the agreement of sale. Cloud (On Title): An outstanding claim or encumbrance which adversely affects the marketability of title. Collateral: Assets that are pledged to the discharge of an obligation. Commission: Money paid to a real estate agent or broker by the seller (or infrequently the buyer) as compensation for finding a buyer and completing the sale. Usually it is a percentage of the sale price -- Commonly, 6 to 7 percent on houses, 10 percent on land and mobile homes. The commission rate is negotiable. Comparable Properties (see Direct Sales Comparison) Condemnation: The taking of private property for public use by a government unit, against the will of the owner, but with payment of just compensation under the government's power of eminent domain. Condemnation may also be a determination by a governmental agency that a particular building is unsafe or unfit for use. Condominium: Individual ownership of a dwelling unit and an individual interest in the common areas and facilities which serve the multi-unit project. Contract of Purchase or Contract of Sale: (See Agreement of Sale) Contractor: In the construction industry, a contractor is one who contracts to erect buildings or portions of them. There are also contractors for each phase of construction: heating, electrical, plumbing, air conditioning, road building, bridge and dam erection, and others. Conventional Mortgage: A mortgage loan not insured by HUD or guaranteed by the Veterans' Administration. It is subject to conditions established by the lending institution and State statutes. Conversion Clause: A provision in some ARMs that allows you to change the ARM to a fixed-rate loan at some point during the term. Usually conversion is allowed at the end of the first adjustment period. At the time of the conversion, the new fixed rate is generally set at one of the rates then prevailing for fixed rate mortgages. The conversion feature may be available at extra cost. Cooperative Housing: An apartment building or a group of dwellings owned by a corporation, the stockholders of which are the residents of the dwellings. It is operated for their benefit by their elected board of directors. In a cooperative, the corporation or association owns title to the real estate. A resident purchases stock in the corporation which entitles him to occupy a unit in the building or property owned by the cooperative. While the resident does not own his unit, he has an absolute right to occupy his unit for as long as he owns the stock. Debt Capital: Borrowed Funds. Debt Service: Mortgage Payment. Debt Service Coverage: Amount of money left over after other expenses such as taxes, insurance, maintenance and utilities, including an assumption of a reasonable vacancy factor, which can be utilized to service mortgage debt. Lenders usually require that the resulting earnings be a certain percentage above the proposed mortgage payments. (Applicable to Apartments and Commercial Properties.) Deed: A formal written instrument by which title to real property is transferred from one owner to another. The deed must contain an accurate description of the property being conveyed, be signed and witnessed according to the laws of the State where the property is located, and be delivered to the purchaser at closing day. There are two parties to a deed: the grantor and the grantee. (See also deed of trust, general warranty deed, quitclaim deed, and special warranty deed.) Deed of Trust: Like a mortgage, a security instrument whereby real property is given as security for a debt. However, in a deed of trust there are three parties to the instrument: the borrower (or trustor), the trustee, and the lender, (or beneficiary). In such a transaction, the borrower transfers the legal title for the property to the trustee who holds the property in trust as security for the payment of the debt to the lender or beneficiary. If the borrower pays the debt as agreed, the deed of trust becomes void. If, however, he defaults in the payment of the debt, the trustee may sell the property at a public sale, under the terms of the deed of trust. In most jurisdictions where the deed of trust is in force, the borrower is subject to having his property sold without benefit of legal proceedings. (California is a Trust Deed State) Default: Failure to make mortgage payments as agreed to in a commitment based on the terms and at the designated time set forth in the mortgage or deed of trust. It is the mortgagor's responsibility to remember the due date and send the payment prior to the due date, not after. Generally, thirty days after the due date if payment is not received, the mortgage is in default. In the event of default, the mortgage may give the lender the right to accelerate payments, take possession and receive rents, and start foreclosure. Defaults may also come about by the failure to observe other conditions in the mortgage or deed of trust. Depreciation: Decline in value of a property due to wear and tear, adverse changes in the neighborhood, or any other reason. Direct Sales Comparison: Property value estimation using the sales prices of similar properties (comparables) and making value adjustments according to such things as square footage, room count, lot size, condition and amenities in order to obtain a realistic fair market value of the property being appraised. Discount Points: Charges made by a lender to adjust the effective interest rate (yield) on loans. One point is equal to 1% of the loan amount. On a $100,000 loans, one point would be equal to $1,000. In practice, on most 30 year fixed rate loans, the payment of an additional discount point can lower the actual note rate by approximately 1/4%. Down payment: The difference between the sales price and actual mortgage amount which the buyer must put down in cash or cash equivalents. Earnest Money (Good Faith Deposit): The deposit 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 may be forfeited or lost unless the offer to purchase expressly provides that it is refundable. Most purchase contracts require that certain contingencies (such as the availability of financing and acceptance of property condition) be removed prior to the deposit being forfeited Easement Rights: A right-of-way granted to a person or company authorizing access to or over the owner's land. An electric company obtaining a right-of-way across private property is a common example. Economic Life: Length of time that improvements (buildings) will produce a competitive return or will be properly habitable. Land usually has an infinite economic life. Eminent Domain: Right of a government agency to take private property for a public purpose. Fair compensation must be paid to the owner whose property is taken. Encroachment: An obstruction, building, or part of a building that intrudes beyond a legal boundary onto neighboring private or public land, or a building extending beyond the building line. Encumbrance: A legal right or interest in land that affects a good or clear title, and diminishes the land's value. It can take numerous forms, such as zoning ordinances, easement rights, claims, mortgages, liens, charges, a pending legal action, unpaid taxes, or restrictive convenants. An encumbrance does not legally prevent transfer of the property to another. A title search is all that is usually done to reveal the existence of such encumbrances, and it is up to the buyer to determine whether he wants to purchase with the encumbrance, or what can be done to remove it. Equity: The value of a homeowner's unencumbered interest in real estate. Equity is computed by subtracting borrowed funds and other liens from the property's fair market value. A homeowner's equity increases as he pays off his mortgage or as the property appreciates in value. When the mortgage and all other debts against the property are paid in full the homeowner has 100% equity in his property. Escrow: Funds paid by one party to another (the escrow agent) to hold until the occurrence of a specified event, after which the funds are released to a designated individual. - - In Real Estate sales transactions, the escrow agent is delivered the Deed by the seller and the down payment funds and access to mortgage funds by the buyer. Release to the opposite parties by the escrow agent is dependent upon performance of certain conditions, usually that the title to the property is made clear to the buyer. - - In mortgage transactions, an escrow account usually refers to the funds a mortgagor pays the lender at the time of the periodic mortgage payments. The money is held in a trust fund, provided by the lender for the buyer. Such funds should be adequate to cover yearly anticipated expenditures for such items as mortgage insurance premiums, taxes, hazard insurance premiums, and special assessments. (Also called impound accounts) Estopped Certificate: Document in which the borrower verifies the remaining balance and interest rate of a loan. Exchange: When ownership of like-kind properties are transferred between two or more owners; can result in postponement of part or all of the tax for one or more of the parties to the exchange. Exclusive Listing: Agreement between the seller of property and a Real Estate broker in which the seller agrees to pay a commission to the broker if the seller’s property is sold by anyone other than the seller. Feasibility Analysis: Study of the cash flow, profitability potential and overall desirability of a project. Fee Simple Absolute: Entire bundle of rights to use and control real property. FHA (Federal Housing Administration): A division of the U.S. Department of Housing and Urban Development that insures mortgage loans. FHLMC (Federal Home Loan Mortgage Corporation): Referred to as “Freddie Mac” and supervised by the Federal Home Loan Bank Board. FHLMC creates a secondary market for conventional mortgage loans. FNMA (Federal National Mortgage Association): Referred to “Fannie Mae”, FNMA is a privately owned, government sponsored agency that buys and sells FHA-insured, VA-guaranteed and conventional mortgage loans. Foreclosure: A legal term applied to any of the various methods of enforcing payment of the debt d by a mortgage, or deed of trust, by taking and selling the mortgaged property, and depriving the mortgagor of possession. Functional Obsolescence: Decline in value of property caused by changes in technology or by defects in design, layout, or size of building; loss of a building’s ability to perform its function. General Partnership: Form of co-ownership wherein all partners have a voice in the management of a business and unlimited liability for its debts. General Warranty Deed: A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it) the grantee may hold the grantor liable. Good Faith Deposit: (See Earnest Money) Grantee: That party in the deed who is the buyer or recipient. Grantor: That party in the deed who is the seller or giver. Hazard Insurance: Protects against damages caused to property by fire, windstorms, and other common hazards. Homestead: Primary residence as declared by the head of a household and filed with the county clerk in order to exempt the homestead from claims of creditors. HUD: U.S. Department of Housing and Urban Development. Office of Housing/Federal Housing Administration within HUD insures home mortgage loans made by lenders and sets minimum standards for such homes. HVAC: Heating, Ventilation, and Air Conditioning. Impound Account (see Escrow) Index: The index is the measure of interest rate changes that the lender uses to decide how much the interest rate on an ARM will change over time. No one can be sure when an index rate will go up or down. Common indexes currently used in include Treasury Securities (especially one-year T-Bills), Cost of Funds indexes of member saving & loans and banks (such as the 11th District Cost Of Funds Index), LIBOR (London Interbank Offered rate), Prime Rate and Certificates of Deposit. Interest: A charge paid for borrowing money. The interest rate is the actual percentage of that charge. Intestate: Without a last will and testament. Joint Tenancy: Form of taking title to a property in which two or more owners hold equal shares, acquire the shares concurrently, and have equal rights of possession. The rights of one owner passes to the other owner(s) upon the one’s death. (Right of Survivorship) Junior Mortgage: Any mortgage on a property that is subordinate to a senior mortgage in priority. Land Contract (also known as Land Sales Contract or Installment Sales Contract): Method of conveying title to a real property in which title does pass to the buyer until the contract for Deed is fulfilled. The contract for deed usually requires that the purchase price is paid in installments. (Cal-Vet loans are the most common occurrence of this in California) Lien: A claim by one person on the property of another as security for money owed. Such claims may include obligations not met or satisfied, judgments, unpaid taxes, materials, or labor. (See also special lien.) Loan-to-Value Ratio: Amount of money that a lender will loan upon a property divided by the property value. Margin (also known as Spread): The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment. Market Value: Price that a property should bring in a competitive market when there is sufficient marketing time, no coercion, typical financing availability, arms-length negotiation and knowledgeable buyers and sellers. Marketable Title: A title that is free and clear of objectionable liens, clouds, or other title defects. A title which enables an owner to sell his property freely to others and which others will accept without objection. Mechanic’s Lien: Right to have a property sold by those who perform labor or services or furnished material for the improvement of the subject property. Mortgage: A lien or claim against real property given by the borrower to the lender as security for money borrowed. Under government-insured or loan-guarantee provisions, the payments may include escrow amounts covering taxes, hazard insurance and special assessments. Mortgages generally run from 10 to 30 years, during which the loan is to be paid off. Mortgage Commitment: A written notice from the bank or other lending institution saying it will advance mortgage funds in a specified amount to enable a buyer to purchase a house. Mortgage Insurance Premium (see Private Mortgage Insurance) Mortgage Note (also none as Promissory Note or Note): A written agreement to repay a loan. The agreement is d by a mortgage, serves as proof of an indebtedness, and states the manner in which it shall be paid. The note states the actual amount of the debt that the mortgage s and renders the mortgagor personally responsible for repayment. Mortgagee: The lender in a mortgage agreement. Mortgagor: The borrower in a mortgage agreement. Multiple Listing: Sharing of property sales listings by a number of real estate brokers with an agreement as to how the costs and commissions are to be split. Negative Amortization: Amortization means that monthly payments are large enough to pay the interest and reduce the principal on your mortgage. Negative amortization occurs when the monthly payments do not cover all of the interest cost. The interest cost that isn't covered is added to the unpaid principal balance. This means that even after making many payments, you could owe more than you did at the beginning of the loan. Negative amortization can occur when an ARM has a payment cap that results in monthly payments not high enough to cover the interest due. Non-Recurring Closing Costs (see Closing Costs) Note (see Mortgage Note) Open-end Mortgage: A mortgage that provides for the borrowing of additional funds. Option: A Contract given by the owner of a property to another person, giving the latter a right to buy or lease the property at a certain price within a specified period of time. Planned Unit Development (PUD): A Land Development project involving a mixture of land uses and densities not available for separately zoned units. Similar to condominiums, it is viewed as an integrated whole. Unlike condominiums, however, the individual unit owners do own a portion of the land under and around their individual unit. Plat: A map or chart of a lot, subdivision or community drawn by a surveyor showing boundary lines, buildings, improvements on the land, and easements. Points (see Discount Points) Prepayment: Payment of a mortgage loan, or part of it, before the due date. Mortgage agreements often restrict the right of prepayment either by limiting the amount that can be prepaid in any one year or charging a penalty for prepayment. . The practice of charging money for an early payoff of the existing mortgage loan varies by state, type of lender, and type of loan. Prepayment penalties are forbidden on various loans including loans from federally chartered credit unions, FHA and VA loans, and some other home-purchase loans. Principal: - - In finance, the basic element of the loan as distinguished from interest and possible mortgage insurance premiums. In other words, principal is the amount upon which interest is paid. - - In brokerage, the person giving authority to an agent to act on his behalf. Private Mortgage Insurance: Insurance that protects a lender from loss caused by the default of the borrower. Usually covers only a portion of the loan amount. Promissory Note (see Mortgage Note) Proration: Allocation of costs and income between the buyer and seller of real estate at the time of the transaction closing, based upon the time of ownership of each. Purchase Agreement (see Agreement of Sale) Quitclaim Deed: A deed which transfers whatever interest the maker of the deed may have in the particular parcel of land. A quitclaim deed is often given to clear the title when the grantor's interest in a property is questionable. By accepting such a deed the buyer assumes all the risks. Such a deed makes no warranties as to the title, but simply transfers to the buyer whatever interest the grantor has. (see Deed.) Real Estate: Land including the buildings or other improvements upon the land. Also includes the airspace above the parcel and the contents below the surface. Real Estate Broker: A middle man or agent who buys and sells real estate for a company, firm, or individual on a commission basis. The broker does not have title to the property, but generally represents the owner. Real Estate Investment Trust (REIT): Passive investment vehicle whose distributions are taxed only to the investors who receive them. Recording: Filing a document with the appropriate public official in order to provide constructive notice. Recurring Closing Costs (see Closing Costs) Refinance: The process of the same mortgagor paying off one loan with the proceeds from another loan. Restrictive Covenants: Private restrictions limiting the use of real property. Restrictive covenants are created by deed and may "run with the land," binding all subsequent purchasers of the land, or may be "personal" and binding only between the original seller and buyer. The determination whether a covenant runs with the land or is personal is governed by the language of the covenant, the intent of the parties, and the law in the State where the land is situated. Restrictive covenants that run with the land are encumbrances and may affect the value and marketability of title. Restrictive covenants may limit the density of buildings per acre, regulate size, style or price range of buildings to be erected, or prevent particular businesses from operating. Reverse Annuity Mortgage: Loan to a homeowner which is paid as an annuity with interest increasing on the accumulated balance. The loan is paid back in full upon the sale or refinancing of the property. Sales Agreement (see Agreement of Sale) Sales Comparison Approach (see Direct Comparison Approach) Secondary Financing (see Junior Mortgages) Section 8 Program: Program of rent supplements developed by HUD and allocated to local governments. Setback (see Building Line or Setback) Site: Parcel of land developed to the point that it is ready for construction of a building or other improvements. Special Assessments: A special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc. Special Lien: A lien that binds a specified piece of property, unlike 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.) Special Warranty Deed: 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. Subdividing: Separation of a parcel of land into smaller parcels. Subject-To Purchase: When one purchases subject to a mortgage, the purchaser agrees to make the monthly mortgage payments on an existing mortgage, but the original mortgagor remains personally liable if the purchaser fails to make the monthly payments. Since the original mortgagor remains liable in the event of default, the mortgagee's consent is not required to a sale subject to a mortgage. Both "Assumption of Mortgage" and "Purchasing Subject to a Mortgage" are used to finance the sale of property. They may also be used when a mortgagor is in financial difficulty and desires to sell the property to avoid foreclosure. Survey: A map or plat made by a licensed surveyor showing the results of measuring the land with its elevations, improvements, boundaries, and its relationship to surrounding tracts of land. 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. Tax: An enforced charge imposed on persons, property or income, to be used to support the State. The governing body in turn utilizes the funds in the best interest of the general public. Tax Credit: Allowable reduction in the amount of income tax owed. Tax Deferred Exchange: Trade of like-kind property that does not trigger recognition of taxable gain at the time of the exchange. Title: As generally used, the rights of ownership and possession of particular property. In real estate usage, title may refer to the instruments or documents by which a right of ownership is established (title documents), or it may refer to the ownership interest one has in the real estate. Title Insurance: Protects lenders or homeowners against loss of their interest in property due to legal defects in title. Title insurance may be issued to a "mortgagee's title policy." Insurance benefits will be paid only to the "named insured" in the title policy, so it is important that an owner purchase an "owner's title policy", if he desires the protection of title insurance. Title Search or Examination: A check of the title records, generally at the local courthouse, to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue special assessments, or other claims or outstanding restrictive convenants filed in the record, which would adversely affect the marketability or value of title. Transfer Tax: Tax levied on deeds, usually based upon the purchase price and payable upon recordation of the deed. Trust Deed (see Deed of Trust) Trustee: A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law. (see Deed of Trust.) Usury Laws: State laws limiting the maximum interest rate which can be charged on loans. VA (Veterans Administration) Loans: Loans guaranteed by the Veterans Administration. Valuable Consideration: Consideration in the form of money, promises, or property. Variable Rate Mortgage (VRM) (see Adjustable Rate Mortgages) Variance: In zoning, a permitted deviation for a particular property from the zoning category for that property. Wraparound Mortgage (see All Inclusive Trust Deed) Will: Document executed during a person’s lifetime that conveys the person’s property at death. Yield: Relationship between income or cash received from an investment and the value of the capital invested. Zoning Ordinances: The acts of an authorized local government establishing building codes, and setting forth regulations for property land usage. Copyright © 1996 - 2007 Mortgage Resources . All rights reserved. |
|
Copyright 1996 - 2012 Mortgage Resources. All rights reserved.
| |||||||||||||||||||||||||||||||||||||||||
