Home Appraisal St Louis,

FEASIBILITY STUDY
An analysis of a proposed project with emphasis on the attainable income, probable expenses, and most advantageous use and design.

MONEY
The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of his good faith intention to complete the transaction; called hand money or a binder in some states.

FHLMC
See Federal Home Loan Mortgage Corporation.

NOTICE OF NONRESPONSIBILITY
A legal notice designed to relieve a property owner from responsibility for the cost of improvements ordered by another person.

TRUTH-IN-LENDING ACT
Federal law requiring written disclosure of the terms of a mortgage (including the APR and other charges) by a lender to a borrower after application. Also requires the right to rescission period.

RECONVEYANCE
The transfer of property back to the owner when a mortgage loan is fully repaid.

VENDEE
The purchaser of realty; the buyer. The buyer under an agreement of sale.

MORTGAGEE
The lender in a mortgage loan transaction.

INVERSE CONDEMNATION
An action for "just compensation "brought by one whose property has been effectively "taken" or substantially interfered with or taken without just compensation

GENERAL CONTRACTOR
A construction specialist who enters into a formal construction contract with a land owner or master lessee to construct a real estate building or project.

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.

MARKETABLE TITLE
Good or clear title reasonably free from risk of litigation over possible defects; also referred to as merchantable title. Marketable title need not, however, be perfect title.

SECOND MORTGAGE
A mortgage which is junior or subordinate to a first mortgage; typically, an additional loan imposed on top of the first mortgage, which is taken out when the borrower needs more money.

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.

CUSTOMER TRUST FUND (CTF)
An impound account maintained for the purpose of setting up a reserve to pay certain periodic obligations such as real property taxes, insurance premiums, lease rent, and maintenance fees.

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.

CONSTRUCTIVE EVICTION
Acts done by a landlord which so materially disturb or impair the tenant's enjoyment of the leased premises that a tenant is effectively forced to move out and terminate the lease without liability for any further rent.

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