Buying Home Steps,

JUDICIAL FORECLOSURE
A method of foreclosing upon real property by means of a court supervised sale. After an appraisal, the court determines an upset price below which no bids to purchase will be accepted.

NOTICE OF NONRESPONSIBILITY
A legal notice designed to relieve a property owner from responsibility for the cost of improvements ordered by another person.

TENANCY IN COMMON
A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property; frequently found when the parties acquire title by descent or by will.

LAW DAY
The date an obligation becomes due; sometimes refers to the closing date.

LAND LEASEBACK
A creative financing device often used with raw land which a developer wants to improve, in which the developer sells the land to an investor who leases the land back to the developer under a long-term net lease and subordinates his fee ownership to the lender providing development financing.

LATERAL AND SUBJACENT SUPPORT
The support received by a parcel of real property from the land adjoining it is called lateral support. Subjacent support is that support which the surface of the earth receives from its underlying strata.

RENEWAL OPTION
A covenant in some leases which gives the lessee the right to extend the lease term for a certain period, on specified terms.

EQUAL CREDIT OPPORTUNITY ACT (ECOA)
Federal law requiring creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs.

AD VALOREM
Latin for "according to valuation," usually referring to a type of tax or assessment.

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

FINANCIAL STATEMENT
A formal statement of the financial status and net worth of a person or company, setting forth and classifying assets and liabilities as of a specified date.

DOMICILE
The state where an individual has his true, fixed, permanent home and principal business establishment and to which place he has the intention of returning whenever he is absent.

SHELL LEASE
A lease wherein a tenant leases the unfinished shell of a building, as in a new shopping center, and agrees to complete construction himself by installing ceilings, plumbing, heating and air conditioning systems, and electrical wiring.

INCOME PROPERTY
Property purchased primarily for the income to be derived plus certain tax benefits, such as accelerated depreciation. Income property can be commercial, industrial or residential.

EASEMENT
A property interest which one person has in land owned by another entitling the holder of the interest to limited use or enjoyment of the other's land.

LANDLORD
The lessor or the owner of leased premises. The landlord retains a reversion interest in the property so that when the lease ends the property will revert to the landlord.

SURVIVORSHIP
The right of survivorship is that special feature of a joint tenancy whereby all title, right and interest of a decedent joint tenant in certain property passes to the surviving joint tenants by operation of law, free from claims of heirs and creditors of the decedent.

CAPITAL GAIN
The taxable profit derived from the sale of a capital asset.

PARTITION
The dividing of common interests in real property owned jointly by two or more persons.

DEED OF TRUST
A legal document in which title to property is transferred to a third party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary(lender).

CLUSTER DEVELOPMENT
The grouping of housing units on less than normal size homesites, with the remaining land being devoted to common areas.

CANTILEVER
A projecting beam or overhanging portion supported at one end only.

DEED OF TRUST
A legal document in which title to property is transferred to a third party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary(lender).

LAND DESCRIPTION
A description of a particular piece of real property.

EMBLEMENTS
Growing crops (called "fructus industriales"),such as rice and taro, which are produced annually through labor and industry.

BUFFER ZONE
A strip of land separating one parcel from another.

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