Home Appraisal Portland Oregon,

OPEN-END MORTGAGE
A mortgage in which the borrower is given a limit up to which he may borrow, with any incremental advances of money up to but not exceeding the original borrowing limit to be secured by the same mortgage.

EXECUTOR
A person appointed by a testator to carry out the directions and requests in the last will and testament, and to dispose of property according to the provisions of the will.

EVICTION
The legal process of removing a tenant from possession of the premises for some breach of the lease contract.

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.

RECORDING FEE
Money paid to an agent for entering the sale of a property into the public records.

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

WAIVER
Voluntary relinquishment or surrender of some right or privilege.

WARRANTY
A guaranty by the seller, covering the title as well as the physical condition of the property.

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

RAW LAND
Unimproved land; land in its unused natural state prior to the construction of improvements such as streets, lighting, sewers, and the like.

PRO FORMA STATEMENT
A projection of future income and expenses.

COMMON AREAS
Land or improvements designated for the use and benefit of all residents, property owners and tenants.

AFFIDAVIT
A sworn statement reduced to writing and made under oath before a Notary Public or other official authorized by law to administer an oath.

WRAP-AROUND MORTGAGE
A method of refinancing in which the new mortgage is placed in a secondary or subordinate position. In essence, it is an additional mortgage in which another lender refinances a borrower by lending an amount over the existing first mortgage amount, without cashing out or distributing the existence of the first mortgage.

DEPRECIATION (TAX)
For tax purposes, depreciation is an expense deduction taken for an investment in depreciable property.

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