Buying Foreclosed Home,

WARRANTY DEED
A deed in which the grantor fully warrants good clear title to the premises. Also called a general warranty deed.

LESS-THAN-FREEHOLD ESTATE
An estate held by one who rents or leases property. This classification includes an estate for years, periodic tenancy, estate at will, and estate at sufferance.

GENERAL PARTNER
A co-owner of a partnership who is empowered to enter into contracts on behalf of the partnership and who is fully liable for all partnership debts.

METES AND BOUNDS
A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles.

CONDOMINIUM OWNERSHIP
An estate in real property consisting of an individual interest in an apartment or commercial unit, and an undivided common interest in the common areas such as the land, parking areas, elevators, stairways, and the like.

USURY
Charging a rate of interest in excess of that permitted by law.

INITIAL RATE
The rate charged during the first interval of an ARM loan.

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

GRANTEE
The person who receives from the grantor a grant of real property.

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

FHLMC
See Federal Home Loan Mortgage Corporation.

POWER OF ATTORNEY
A written instrument authorizing a person(the attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument.

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