Home Appraisal Los Angeles,

POWER OF ATTORNEY
Legal document authorizing one person to act on behalf of another.

PRE-QUALIFICATION
The process of determining how much money a prospective homebuyer will be eligible to borrow prior to application for a loan. Information submitted during pre-qualification is subject to verification at application.

LITTORAL LAND
Land bordering on the shore of a sea or ocean and thus affected by the tide currents.

RESERVE FUND
Monies set aside as a cushion of capital for future payment of items such as taxes, insurance, furniture replacement, deferred maintenance, etc.; sometimes referred to as an impound account.

PARTIAL RELEASE
A clause found in a mortgage which directs the mortgagee to release certain parcels from the lien of the blanket mortgage upon the payment of a certain sum of money.

DISTRAINT
The right of a landlord, pursuant to a court order, to seize a tenants belongings for rents in arrears.

MORTGAGE NOTE
Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument.

LOAN-TO-VALUE RATIO
The ratio that the amount of the loan bears to the appraised value of the property or the sales price, whichever is lower.

LOAN-TO-VALUE RATIO (LTV)
The percentage of the loan amount to the appraised value (or the sales price, whichever is less) of the property.

RESIDUAL PROCESS
An appraisal process used in the income approach to estimate the value of the land and/or the building, as indicated by the capitalization of the residual net income attributable to it.

ABANDONMENT
The voluntary surrender or relinquishment of possession of real property with the intention of terminating one's possession or interest, but without vesting this interest in any other person.

CLOSING (OR SETTLEMENT)
The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance).

ABSORPTION RATE
An estimate of the rate at which a particular classification of space - such as new office space, new housing, new condominium units and the like - will be sold or occupied each year.

HYPOTHECATE
To pledge specific real or personal property as security for an obligation, without surrendering possession of it.

NOTICE OF COMPLETION
Document filed to give public notice that a construction job has been completed and that mechanics' liens must be filed within ,say, 45 days to be valid.

AIR RIGHTS
The rights to the use of the open space or vertical plane above a property. Ownership of the land includes the right to all air above the property.

TIME SHARING
A modern approach to communal ownership and use of real estate which permits multiple purchasers to buy undivided interests in real property (which is usually in a resort condominium or hotel) with a right to use the facility for a fixed or variable time period.

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