Home Appraisal Orange County,

APPRAISAL FEE
A fee charged by a licensed, certified appraiser to render an opinion of market value as of a specific date.

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.

BILL OF SALE
A written agreement by which one person sells, assigns or transfers his right to, or interest in, personal property to another.

AD VALOREM
Latin for "according to valuation," usually referring to a type of tax or assessment.

ZONING ORDINANCES (OR ZONING REGULATIONS)
Local law establishing building codes and usage regulations for properties in a specified area.

DEDICATION
The application of privately owned land to the public for no consideration, with the intent that the land will be accepted and used for public purposes.

MORTGAGE BANKER
A corporation or firm which normally provides its own funds for mortgage financing.

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

LAND TRUST
An association organized by common owners of real property, which holds title to the real property in the name of one or more trustees for the benefit of the owners, whose beneficial interests may be represented by trust certificates.

TENANCY FOR YEARS
A less-than-freehold estate in which the property is leased for a definite, fixed period of time, be it for 60 days or any fraction of a year, a year, ten years, etc.

EASEMENT IN GROSS
The limited right of one person to use another's land (servient estate), which right is not created for the benefit of any land owned by the owner of the easement; that is, there is no dominant estate, as the easement attaches personally to the owner, not to the land.

COMPARABLES
Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property.

LAND
The surface of the earth extending down to the center and upward to the sky, including all natural things thereon such as trees, crops, or water; plus the minerals below the surface and the air rights above.

LEVERAGE
The use of borrowed funds to purchase investment property with the anticipation that the property acquired will increase in return so that the investor will realize a profit not only on his own investment, but also on the borrowed funds; the employment of a smaller investment to generate a larger rate of return through borrowing.

NONDISTURBANCE CLAUSE
A clause inserted in a mortgage whereby the mortgagee agrees not to terminate the tenancies of lessees who pay their rent if the mortgagee forecloses on the mortgagor-lessor's building.

HAZARD INSURANCE
Protects the insured against loss due to fire or other natural disaster in exchange for a premium paid to the insurer.

APPRAISAL
The process of estimating, fixing, or setting the market value of real property. An appraisal may take the form of a lengthy report, a completed form, a simple letter, or even an oral report.

COMPOUND INTEREST
Interest which is computed upon the principal sum plus accrued interest.

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.

ORIGINATION FEE
The finance fee charged by a lender for placing a mortgage, which covers initial costs such as preparation of documents and credit, inspection and appraisal fees.

DEDICATION
The application of privately owned land to the public for no consideration, with the intent that the land will be accepted and used for public purposes.

DEFERRED COMMISSIONS
Commissions which are earned but not yet fully paid.

FIXED-RATE LOANS
Fixed-rate loans have interest rates that do not change over the life of the loan. As a result, monthly payments for principal and interest are also fixed for the life of the loan. Fixed-rate loans typically have 15-year or 30-year terms. With a fixed-rate loan, you will have predictable monthly mortgage payments for as long as you have the loan.

LIEN
A legal claim by one person on the property of another for security for payment of a debt.

FORBEARANCE
The act by the lender of refraining from taking legal action on a mortgage loan that is delinquent.

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

PREPAYMENT
Full or partial repayment of the principal before the contractual due date.

PLANNED UNIT DEVELOPMENT (PUD)
A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces.

VALUE
The power of a good or service to command other goods in exchange for the present worth of future rights to income or amenities; the present worth to typical users and investors of future benefits arising out of ownership of a property.

ORIGINATION FEE
Fee charged by a lender to cover administrative costs of processing a loan.

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