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CASHIER'S CHECK (OR BANK CHECK)
A check whose payment is guaranteed because it was paid for in advance and is drawn on the bank's account instead of the customer's.

GOOD FAITH
Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not.

PACKAGE MORTGAGE
A method of financing in which the loan that finances the purchase of a home also finances the purchase of personal items such as a washer and dryer, refrigerator, stove and other specified appliances.

MORTGAGEE
The lender in a mortgage loan transaction.

SIMPLE INTEREST
Interest computed on the principal balance only.

BOOT
Money or other property given to make up any difference in value or equity between two exchanged properties.

DEED
A written instrument by which a property owner "grantor" transfers to a "grantee" an ownership in real property.

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

CONDEMNATION
Either a judicial or administrative proceeding to exercise the power of eminent domain, i.e., the power of the government to take private property for public use.

HYPOTHECATE
To pledge specific real or personal property as security for an obligation, without surrendering possession of it.

MEANDER LINE
An artificial line used by the surveyors to measure the natural, uneven, winding property line formed by rivers, streams and other watercourses bordering a property.

NONCONFORMING USE
A permitted use which was lawfully established and maintained but which no longer conforms to the current use regulations because of a change in the zoning.

VOIDABLE
A contract which appears valid and enforceable on its face, but is subject to rescission by one of the parties who acted under a disability, such as being a minor or being under duress or undue influence; that which may be avoided or adjudged void but which is not, in itself, void.

EFFECTIVE RATE
The effective rate is a consumer-oriented rate that takes into account the projected amount of time you tell us you will actually have the loan, as well as the specific costs, fees, and potential rate changes associated with it. The fees and costs are distributed over the time you plan to be in the house, allowing you to do an apples-to-apples comparison of a variety of loan types. The effective rate is not the APR. It is similar in that it factors in interest, mortgage insurance, and other fees (including points); however, the APR assumes that you keep your loan for the entire term, while the effective rate takes into account how long you tell us you plan to be in your house.

FIXED RATE
An interest rate which is fixed for the term of the loan.

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

YEAR-TO-YEAR TENANCY
A periodic tenancy in which the rent is reserved from year to year.

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

PROCURING CAUSE
That effort which brings about the desired result, as in producing the buyer for the listed property.

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