Buying Used Mobile Home,

FDIC
See Federal Deposit Insurance Corporation.

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

PIGGYBACK LOAN
A joint loan with two lenders sharing a single mortgage.

PRIVATE MORTGAGE INSURANCE (PMI)
Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's purchase price. (Note, however, that FHA and VA loans have different insurance guidelines.)

ERRORS AND OMISSIONS INSURANCE
A form of insurance which covers liabilities for errors, mistakes and negligence in the usual listing and selling activities of a real estate office or escrow company.

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

FLOOR AREA RATIO
The ratio of floor area to land area expressed as a percent or decimal, which is determined by dividing the total floor area on a zoning lot by the lot area.

BENCH MARK
A mark affixed to a permanent reference or monument, such as an iron post or a brass marker (usually embedded in a cement sidewalk), used to establish elevations and altitudes over a surveyed area.

CONTRACT
A legal agreement between competent parties who agree to perform or refrain from performing certain acts for a consideration. In real estate, there are many different types of contracts, including listings, contracts of sale, options, mortgages, assignments, leases, deeds, escrow agreements, and loan commitments, among others.

COLLATERAL
Assets (such as your home) pledged as security for a debt.

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