Buying Home Checklist,

ASSESSED VALUATION
The value of real property as established by the state government for purposes of computing real property taxes.

BONA FIDE
In good faith.

GENERAL AGENT
One who is authorized to perform any and all acts associated with the continued operation of a particular job or a certain business.

FEE SIMPLE
Absolute ownership of real property.

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

ACCELERATION CLAUSE
A common provision of a mortgage or note providing the holder with the right to demand that the entire outstanding balance is immediately due and usually payable in the event of default.

BARGAIN AND SALE DEED
A deed which recites a consideration and conveys all of the grantor's interest in the property to the grantee.

VA LOANS
Fixed-rate loans guaranteed by the U.S. Department of Veterans Affairs. They are designed to make housing affordable for eligible U.S. veterans. VA loans are available to veterans, reservists, active-duty personnel, and surviving spouses of veterans with 100% entitlement. Eligible veterans may be able to purchase a home with no down payment, no cash reserve, no application fee, and lower closing costs than other financing options. The maximum VA loan amount is currently $203,000.

HOLDOVER TENANT
One who stays on the leased premises after his lease has expired. The landlord normally has the choice of evicting the holdover tenant or permitting him to remain and continue to pay rent.

TRUST DEED
A real property security device (also called a deed of trust) very similar to a mortgage, except that there are three parties, the trustor, the trustee, and the beneficiary (the lender).

CONSIDERATION
An act or forbearance, or the promise thereof, which is offered by one party to induce another to enter into a contract; that which is given in exchange for something from another.

QUITCLAIM DEED
A deed of conveyance which operates, in effect, as a release of whatever interest the grantor has in the property; sometimes called a release deed.

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

BROKER
An individual who brings buyers and sellers together and assists in negotiating contracts for a client.

IMPOUND ACCOUNT
An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses impound account funds on behalf of the borrower when they become due. (Also known as Escrow Account.)

COMMUNITY PROPERTY
A system of property ownership based on the theory that each spouse has an equal interest in property acquired by the efforts of either spouse during marriage.

SCHEMATICS
Preliminary architectural drawings and sketches; basic layouts not containing the final details of design.

DURESS
Unlawful constraint or action exercised upon a person whereby he is forced to perform some act against his will. A contract entered into under duress is void.

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

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