Buying First Home,

DEVISE
A transfer of real property under a will.

GOOD FAITH
Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not.

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

LANDSCAPING
Shrubs, bushes, trees and the like, on the grounds surrounding a structure.

KIOSK
A small structure usually constructed of wood with one or more sides open and typically used as a newsstand, photo film center or ice cream stand.

BASE LINE AND MERIDIAN
An imaginary set of lines used by surveyors to locate and describe land under the Rectangular Survey Method of property description used in most mainland states.

CHATTEL
Personal property which is tangible and moveable.

CONTINGENCY
A condition which must be satisfied before a contract is legally binding.

FISCAL YEAR
A business year used for tax, corporate or accounting purposes, as opposed to a calendar year.

TITLE SEARCH
An examination of the public records to determine what, if any, defects there are in the chain of title.

CERTIFIED CHECK
A check which the bank guarantees to be good, and against which a stop payment is ineffective.

LIFE ESTATE
Any estate in real or personal property which is limited in duration to the life of its owner or the life of some other designated person.

CODE OF ETHICS
A written system of standards of ethical conduct. The Code of Ethics of the National Association of Realtors, first written in 1913, establishes the high standards of conduct for members of the Realtor community.

WAIVER
To voluntarily give up or surrender a right.

GROSS LEASE
A lease of property under which the lessee pays a fixed rent, and the lessor pays the taxes, insurance, and other charges regularly incurred through ownership.

STATUTE OF LIMITATIONS
That law pertaining to the period of time within which certain actions must be brought to court.

FHA
See Federal Housing Administration.

SALES AGREEMENT
Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

AMENITIES
Features, both tangible and intangible, which enhance and add to the desirability of real estate.

AMENITIES
Features, both tangible and intangible, which enhance and add to the desirability of real estate.

RANGE
A measurement, used in the government survey system, consisting of a strip of land six miles wide, running in a north-south direction.

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.

ACCELERATION CLAUSE
A clause in a promissory note, agreement of sale, or mortgage which gives the lender the right to call all sums due and payable in advance of the fixed payment date upon the occurrence of a specified event, such as a sale, default, assignment or further encumbrance of the property.

DELINQUENCY
Failure to make payments as agreed in the loan agreement.

SECONDARY MORTGAGE MARKET
A market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; also called secondary money market.

DUPLEX
A structure that provides housing accommodations for two families by having separate entrances, kitchens, bedrooms, lanais, living rooms and bathrooms. A two-family dwelling.

MORTGAGE BANKER
An individual or company that originates and/or services mortgage loans.

DISCOUNT POINTS (OR POINTS)
Points are an up-front fee paid to the lender at the time that you get your loan. Each point equals one percent of your total loan amount. Points and interest rates are inherently connected: in general, the more points you pay, the lower the interest rate you get. However, the more points you pay, the more cash you need up front since points are paid in cash at closing.

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