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RIPARIAN
Those rights and obligations which are incidental to ownership of land adjacent to or abutting on watercourses such as streams and lakes.

CONSTRUCTIVE NOTICE
Notice of certain facts which are implied bylaw to a person because he could have discovered the fact by reasonable diligence or by inquiry into public records.

MAINTENANCE
The care and work put into a building to keep it in operation and productive use; the general repair and upkeep of a building. If maintenance is deferred, the building will suffer a loss in value.

IMPOUND ACCOUNT
A trust account established to set aside funds for future needs.

PER DIEM INTEREST
Interest calculated per day. (Depending on the day of the month on which closing takes place, you will have to pay interest from the date of closing to the end of the month. Your first mortgage payment will probably be due the first day of the following month.)

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

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.

WEAR AND TEAR
The gradual physical deterioration of property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable.

INITIAL RATE
The rate charged during the first interval of an ARM loan.

ATTORNEY-IN-FACT
One who is authorized by another to act in his place under a power of attorney.

BORROWER (MORTGAGOR)
An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan.

VOID
Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling)is void.

RESPA
Real Estate Settlement Procedures Act. RESPA is a federal law that gives consumers the right to review information about loan settlement costs. The law gives you the right to review this information after you apply for a loan, and again at loan settlement. The law only obliges lenders to provide these settlement costs after application.

COMMON ELEMENTS
Parts of the property which are necessary or convenient to the existence, maintenance and safety of the condominium, or are normally in common use by all of the condominium residents.

RESERVE FUND
Monies set aside as a cushion of capital for future payment of items such as taxes, insurance, furniture replacement, deferred maintenance, etc.; sometimes referred to as an impound account.

RECORDING
The act of entering documents concerning title to a property into the public records.

BEARER
The legal owner of a piece of property.

INVENTORY
An itemized list of property. Many brokers recommend that their clients attach to the sales contract an inventory of property to be included in the sale of a residential property, including a condominium dwelling.

FISCAL YEAR
A business year used for tax, corporate or accounting purposes, as opposed to a calendar year.

DESCRIPTION
The portion of a conveyance document which defines the property being transferred.

REFINANCING
The process of paying off one loan with the proceeds from a new loan secured by the same property.

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
Independent deposit insurance agency created by Congress to maintain stability and public confidence in the nation's banking system.

REBATE
A reduction or kickback of a stipulated charge.

REDEMPTION, EQUITABLE RIGHT OF
The right of a mortgagor who has defaulted on the mortgage note to redeem or get back his title to the property by paying off the entire mortgage note prior to the foreclosure sale.

FIRM COMMITMENT
A definite undertaking by a lender to loan a set amount of money at a specified interest rate for a certain term.

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