Home Appraisal Cleveland Ohio,

INDEX
A published rate used by lenders that serves as the basis for determining interest rate changes on ARM loans.

GOOD FAITH
Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not.

INTESTATE
To die without a valid will.

TITLE INSURANCE
A comprehensive contract of indemnity under which the title company agrees to reimburse the insured for any loss if title is not as represented in the policy.

DEED OF TRUST
A legal document that conveys title to real property to a third party. The third party holds title until the owner of the property has repaid the debt in full.

LICENSEE
A person who has a valid license. A real estate licensee can be a salesperson or a broker, active or inactive, an individual, a corporation, or a partnership.

SIMPLE INTEREST
Interest computed on the principal balance only.

SUMMARY POSSESSION
A legal process used by a landlord to regain possession of the leased premises if the tenant has breached the lease or is holding over after the termination of tenancy.

COVENANT
A written agreement or promise of two or more parties by which either pledges to perform or not to perform specified acts on a property, or which specifies certain uses or non-uses of the property.

INJUNCTION
A legal action which forbids a party defendant from doing some act; it requires a person to whom it is directed to refrain from doing a particular thing.

POLICE POWER
The constitutional authority and inherent power of a state to adopt and enforce laws and regulations to promote and support the public health, safety, morals and general welfare.

BLANKET MORTGAGE
A mortgage that covers more than one parcel of real estate.

JUNIOR MORTGAGE
A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first.

INDEX
A published rate used by lenders that serves as the basis for determining interest rate changes on ARM loans.

ADJUSTABLE RATE MORTGAGE LOANS (ARM)
Loans with interest rates that are adjusted periodically based on changes in a pre-selected index. As a result, the interest rate on your loan and the monthly payment will rise and fall with increases and decreases in overall interest rates. These mortgage loans must specify how their interest rate changes, usually in terms of a relation to a national index such as (but not always) Treasury bill rates. If interest rates rise, your monthly payments will rise. An interest rate cap limits the amount by which the interest rate can change; look for this feature when you consider an ARM loan.

BULK TRANSFERS
Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise.

PIGGYBACK LOAN
A joint loan with two lenders sharing a single mortgage.

REFINANCE
The act of obtaining a new loan to pay off an existing loan; the process of paying off one loan with the proceeds from another.

VENDOR
The seller of realty. The seller under an agreement of sale.

JUNIOR MORTGAGE
A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first.

AGENT
One who is authorized to represent and to act on behalf of another person (called the principal). A real estate broker is the agent of his client, be it the seller or buyer, to whom he owes a fiduciary obligation. A salesman is the agent of his broker and does not have a direct personal contractual relationship with either the seller or buyer.

JUNIOR MORTGAGE
A mortgage which is subordinate in right or lien priority to an existing mortgage on the same realty, such as a second mortgage.

LAND DESCRIPTION
A description of a particular piece of real property.

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