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PAYMENT CAP
Consumer safeguards which limit the amount monthly payments on an adjustable-rate mortgage may change. Since they do not limit the amount of interest the lender is earning, they may cause negative amortization.

ASSUMPTION OF MORTGAGE
The act of acquiring title to property which has an existing mortgage on it and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.

FIXED-RATE LOANS
Fixed-rate loans have interest rates that do not change over the life of the loan. As a result, monthly payments for principal and interest are also fixed for the life of the loan. Fixed-rate loans typically have 15-year or 30-year terms. With a fixed-rate loan, you will have predictable monthly mortgage payments for as long as you have the loan.

GROSS LEASE
A lease of property under which the lessee pays a fixed rent, and the lessor pays the taxes, insurance, and other charges regularly incurred through ownership.

INCOME APPROACH
An approach to the valuation or appraisal of real property as determined by the amount of net income the property will produce over its remaining economic life.

DOUBLE ESCROW
An escrow set up to handle the concurrent sale of one property and purchase of another property by same party.

GARNISHMENT
A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee").

ENCROACHMENT
An unauthorized invasion or intrusion of a fixture or other real property wholly or partly upon another's property, thus reducing the size and value of the invaded property.

LENDER
The bank, mortgage company, or mortgage broker offering the loan.

ACCELERATION CLAUSE
A common provision of a mortgage or note providing the holder with the right to demand that the entire outstanding balance is immediately due and usually payable in the event of default.

ASSESSMENT
A specific levy for a definite purpose, such as adding curbs or sewers in a neighborhood. Individual condominium owners are subject to special assessments benefiting the project as a whole and not funded through regular maintenance charges.

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

INDEPENDENT CONTRACTOR
One who is retained to perform a certain act, but who is subject to the control and direction of another only as to the end result and not as how he performs the act. The critical feature, and what distinguishes an independent contractor and an employee or agent, is the right to control.

PERIODIC TENANCY
A leasehold estate which continues from period to period, such as month to month, year to year. All conditions and terms of the tenancy are carried over from period to period, and continue for an uncertain time until proper notice of termination is given.

RECAPTURE CLAUSE
A clause usually found in percentage leases, especially in shopping center leases, giving the landlord the right to terminate the lease (and thus "recapture" the premises)if the tenant does not maintain a specified minimum amount of business.

LAND CONTRACT
Another name for an installment purchase contract, by which the buyer obtains equitable title (the right to use the property) while the seller retains legal title (recorded title)as security for payment of the balance of the purchase price.

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

BROKER
An individual who brings buyers and sellers together and assists in negotiating contracts for a client.

COST OF FUNDS INDEX (COFI)
An index of the weighted-average interest rate paid by savings institutions for sources of funds, usually by members of the 11th Federal Home Loan Bank District.

RELEASE CLAUSE
A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro-rata portion of the loan.

FRONTAGE
The length of a property abutting a street or body of water; that is, the number of feet that "front" the street or water.

QUIET TITLE ACTION
A circuit court action intended to establish or settle the title to a particular property, especially where there is a cloud on the title.

ABANDONMENT
The voluntary surrender or relinquishment of possession of real property with the intention of terminating one's possession or interest, but without vesting this interest in any other person.

IMPLIED WARRANTY OF HABITABILITY
A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease.

STRAIGHT NOTE
A promissory note evidencing a loan in which "interest only" payments are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity.

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