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NOTE
Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument.

DEPRECIATION (TAX)
For tax purposes, depreciation is an expense deduction taken for an investment in depreciable property.

OFFER AND ACCEPTANCE
The two components of a valid contract; a "meeting of the minds."

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.

RETALIATORY EVICTION
An act whereby a landlord evicts the tenant in response to some complaint made by the tenant.

TENANCY IN COMMON
A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property; frequently found when the parties acquire title by descent or by will.

PREPAYMENT PENALTY
The amount set by the creditor as a penalty to the debtor for paying off the debt prior to its maturity. The prepayment penalty is charged by the lender to recoup a portion of interest that he had planned to earn when he made the loan.

EXTENSION
An agreement to continue the period of performance beyond the specified period.

MORTGAGE LOAN
A loan for which real estate serves as collateral to provide for repayment in case of default.

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.

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").

CHATTEL
Personal property which is tangible and moveable.

JURISDICTION
The authority or power to act, such as the authority of a court to hear and render a decision that binds both parties.

GUARDIAN
One who is given the lawful custody and care of another(called a ward).

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

INJUNCTION
A legal action which forbids a party defendant from doing some act; it requires a person to whom it is directed to refrain from doing a particular thing.

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

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