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TRUST DEED
A real property security device (also called a deed of trust) very similar to a mortgage, except that there are three parties, the trustor, the trustee, and the beneficiary (the lender).

COMPARABLES
Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property.

INVERSE CONDEMNATION
An action for "just compensation "brought by one whose property has been effectively "taken" or substantially interfered with or taken without just compensation

JUNIOR MORTGAGE
A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first.

COMMITMENT
A pledge or promise to do a certain act, such as the promise of a lending institution to loan a certain amount of money at a fixed rate of interest to a qualified buyer, provided the loan is obtained on or before a certain date.

ALLODIAL SYSTEM
The free ownership of land by individuals.

LOAN COMMITMENT
A commitment by a lender of the amount he will loan to a qualified borrower on a particular piece of real estate for a specified amount of time under specific terms.

FORECLOSURE (OR REPOSSESSION)
Legal process by which a mortgaged property may be sold to pay off a mortgage loan that is in default.

FINANCE CHARGE
The total of all costs imposed directly or indirectly by the creditor and payable either directly or indirectly by the customer, as defined under the federal Truth-in-Lending Law.

DISCRIMINATION
The act of making a distinction against or in favor of a person on the basis of the group or class to which the person belongs; the failure to treat people equally.

WAREHOUSE
A building used to store merchandise and other materials or equipment.

BASIS
The financial interest which IRS attributes to the owner of an asset for purposes of determining annual depreciation and gain or loss on sale of the asset.

COMMON WALL
A wall separating two living units.

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.

NEGOTIABLE INSTRUMENT
Any written instrument which may be transferred by endorsement or delivery so as to vest legal title in the transferee.

CLOSING
The final stage of consummating a real estate transaction when the seller delivers title to the buyer, in exchange for the purchase price.

INTESTATE
To die without a valid will.

ACCRUED INTEREST
Interest earned but not yet paid.

INCOME PROPERTY
Property purchased primarily for the income to be derived plus certain tax benefits, such as accelerated depreciation. Income property can be commercial, industrial or residential.

PARTICIPATION MORTGAGE
A mortgage in which the lender participates in the income of the mortgaged venture beyond a fixed return, or receives a yield on the loan in addition to the straight interest rate.

APPRAISAL FEE
A fee charged by a licensed, certified appraiser to render an opinion of market value as of a specific date.

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.

INTEREST
Charge paid for borrowing money, calculated as a percentage of the remaining balance of the amount borrowed.

NULL & VOID
Having no legal force or effect; of no worth; unenforceable; not binding.

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.

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