Buying Manufactured Home,

OPINION OF TITLE
An opinion by a person competent in examining titles, usually a title attorney, as to the status of the title of a property.

OPEN LISTING
A listing given to any number of brokers. The first broker who secures a buyer ready, willing and able to purchase at the terms of the listing is the one who earns the commission.

PROPRIETARY LEASE
A written lease in a cooperative apartment building, between the owner-corporation and the tenant-stockholder, in which the tenant is given the right to occupy a particular unit.

PROSPECT
A person or corporation who may be interested in buying or selling real property. The prospect does not become a client until the parties establish a fiduciary relationship, such as upon signing a listing contract or upon executing a DROA.

MULTIPLE LISTING SERVICE (MLS)
An organization created by Realtors to facilitate the sharing of listings among member brokers.

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.

LOCK OR LOCK-IN
A lender's guarantee of an interest rate for a set period of time. The time period is usually that between loan application approval and loan closing. The lock-in protects you against rate increases during that time.

ALTERNATIVE DOCUMENTATION
A method of documenting a loan file that relies on information the borrower is likely to be able to provide instead of waiting on verification sent to third parties for confirmation of statements made in the application.

VARIABLE RATE
Interest rate that changes periodically in relation to an index.

SUBJECT TO MORTGAGE
A grantee taking title to real property "subject to mortgage" is not personally liable to the mortgagee for payment of the mortgage note. In the event the grantor-mortgagor defaults in paying the note, the grantee could, however, lose property, and thus his equity, in a foreclosure sale.

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