Buying Forclosed Home,

LEGAL RATE OF INTEREST
The maximum interest rate permitted bylaw, with anything above that rate being usury.

RIGHT TO RESCISSION
Under the provisions of the Truth-in-Lending Act, the borrower's right, on certain kinds of loans, to cancel the loan within three days of signing a mortgage.

DEED
Legal document by which title to real property is transferred from one owner to another. The deed contains a description of the property, and is signed, witnessed, and delivered to the buyer at closing.

SPECIFIC PERFORMANCE
A legal action brought in a court of equity to compel a party to carry out the terms of a contract.

HIGHEST AND BEST USE
That use which, at the time of appraising the property, is most likely to produce the greatest net return to the land and/or the building over a given period of time.

YIELD
The return on an investment or the amount of profit, stated as a percentage of the amount invested.

VERIFICATION OF EMPLOYMENT (VOE)
Document signed by the borrower's employer verifying the borrower's position and salary.

ACRE
A measure of land equaling 43,560 square feet; 4,840 square yards; 160 square rods.

JOINT TENANCY
A form of ownership of property giving each person equal interest in the property, including rights of survivorship.

COUNTER-OFFER
A new offer made as a reply to an offer received from another; this has the effect of rejecting the original offer, which cannot thereafter be accepted unless revived by the offeror's repeating it.

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

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.

FORECLOSURE (OR REPOSSESSION)
Legal process by which a mortgaged property may be sold to pay off a mortgage loan that is in default.

DEPTH TABLE
Tables of percentage designed to provide a uniform system of measuring the additional value to lots which accrues because of added depth, with the extra depth valued according to the added utility which it creates.

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

OVERRIDE
A commission paid to managerial personnel (e.g. principal broker) on sales made by their subordinates, usually calculated as a percentage of the gross sales commissions earned by the salesperson.

PACKAGE MORTGAGE
A method of financing in which the loan that finances the purchase of a home also finances the purchase of personal items such as a washer and dryer, refrigerator, stove and other specified appliances.

CONTINGENCY
A provision placed in contract which requires the completion of a certain act or the happening of a particular event before a contract is binding.

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.

JOINT TENANCY
A form of ownership of property giving each person equal interest in the property, including rights of survivorship.

HEIR
A person who inherits under a will or a person who succeeds to property by the laws of descent if the decedent dies without a will (intestate).

SIMPLE INTEREST
Interest computed on the principal balance only.

LIMITED PARTNERSHIP
A partnership formed by two or more persons having as members one or more general partners and one or more limited partners.

DEVISE
A transfer of real property under a will.

PARTNERSHIP
"An association of two or more persons to carry on as co-owners a business for profit," as defined in the Uniform Partnership Act, which is in force in a majority of the states.

ASSESSMENT
A specific levy for a definite purpose, such as adding curbs or sewers in a neighborhood. Individual condominium owners are subject to special assessments benefiting the project as a whole and not funded through regular maintenance charges.

TENANCY BY THE ENTIRETY
A special joint tenancy between a lawfully married husband and wife, which places all title to the property into the marital unit, with both spouses having an equal, undivided interest in the whole property.

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