Buying Home Contract,

PLAT
A map or a town, section, or subdivision indicating the location and boundaries of individual properties.

GIFT TAX
A graduated federal tax paid by a donor upon making a gift.

FHA
See Federal Housing Administration.

ESCROW 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 escrow account funds on behalf of the borrower when they become due. Also known as Impound Account.

PRIME RATE
The minimum interest rate charged by a commercial bank on short-term loans to its largest and strongest clients(those with the highest credit standings).

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.

MISREPRESENTATION
A false statement or concealment of a material fact made with the intent to induce some action by another party.

GROSS AREA
The total floor area of a building measured from the exterior of the walls (excluding those unenclosed).

PAYMENT CAP
Consumer safeguards which limit the amount monthly payments on an adjustable-rate mortgage may change. Since they do not limit the amount of interest the lender is earning, they may cause negative amortization.

RECORDING FEE
Money paid to an agent for entering the sale of a property into the public records.

BUY-DOWN MORTGAGE
A mortgage loan with a below-market rate for a period of time.

FEDERAL HOUSING ADMINISTRATION (FHA)
The FHA was set up in1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market.

LOAN APPLICATION
An initial statement of personal and financial information required to apply for a loan.

SALE AND LEASEBACK
A transaction in which, typically, an owner sells his improved property and as part of the same transaction signs a long-term lease and remains in possession.

COMMON AREAS
Land or improvements designated for the use and benefit of all residents, property owners and tenants.

STANDING LOAN
A commitment by the interim or construction lender to keep the money already funded in the project for a specified period of time after the expiration of the interim loan, usually until permanent take-out financing is secured.

INDUSTRIAL PARK
An area zoned industrial and containing sites for many separate industries and developed and managed as a unit, usually with provisions for common services for the users.

FLAG LOT
A land parcel having the configuration of an extended flag and pole. The pole represents access to the site which is usually located to the rear of another lot fronting a main street.

DOWER
The legal right or interest a wife acquires in property her husband held or acquired anytime during marriage.

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.

COURTESY TO BROKERS
The practice of sharing commissions with cooperating brokers.

COMMISSION
Money paid to a real estate agent or broker for negotiating a real estate or loan transaction.

NOTICE
(1) Legal notice is notice which is required to be made by law, or notice which is imparted by operation of law as a result of the possession of property or the recording of documents. (2) Notice which is required by contract, for example, when the parties agree to terminate a contract by the written notice of either party 30 days prior to termination.

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