Home Appraisal Fresno,

JOINT VENTURE
The joining of two or more people in a specific business enterprise such as the development of a condominium project or a shopping center.

MISREPRESENTATION
A false statement or concealment of a material fact made with the intent to induce some action by another party.

PRINCIPAL BROKER
The licensed broker directly in charge of and responsible for the real estate operations conducted by a brokerage company.

LIEN
A charge or claim which one person (lienor) has upon the property of another (lienee) as security for a debt or obligation. Liens can be created by agreement of the parties(mortgage) or by operation of law (tax liens).

NEGOTIABLE INSTRUMENT
Any written instrument which may be transferred by endorsement or delivery so as to vest legal title in the transferee.

LENDER
The bank, mortgage company, or mortgage broker offering the loan.

FORECLOSURE
A legal procedure whereby property used as security for debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document.

FHA
See Federal Housing Administration.

LEGAL DESCRIPTION
A description which is complete enough that an independent surveyor could locate and identify a specific piece of real property.

PLAT
A map or a town, section, or subdivision indicating the location and boundaries of individual properties.

LOCUS SIGILLI
Latin for "under seal", used in the abbreviated form, "L.S.," at the end of signature line in some formal legal documents; used instead of the actual seal.

POINT OF BEGINNING
The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument.

HOLD HARMLESS CLAUSE
A clause inserted in a contract whereby one party agrees to indemnify and protect the other party from any injuries or lawsuits arising out of the particular transaction.

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.

SURRENDER
A premature conveyance of a possessory estate to a person having a future interest, as when a lessee surrenders the leasehold interest to the owner of the reversion interest, the lessor, before the normal expiration of the lease.

CALL OPTION
A provision of a note which allows the lender to require repayment of the loan in full before the end of the loan term. The option may be exercised due to breach of the terms of the loan or at the discretion of the lender.

CONDEMNATION
Either a judicial or administrative proceeding to exercise the power of eminent domain, i.e., the power of the government to take private property for public use.

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