Compare Home Equity Loan,

TITLE
Document which gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property.

EXCLUSIVE LISTING
A written listing of real property in which the seller agrees to appoint only one broker to sell the property for a specified period of time. The two types of exclusive listings are the exclusive agency and the exclusive right to sell.

PERCENTAGE LEASE
A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises.

PROBATE
The formal judicial proceeding to prove or confirm the validity of a will. The will is presented to the probate court, and creditors and interested parties are notified to present their claims or to show cause why the provisions of the will should not be enforced by the court.

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

EASEMENT
A property interest which one person has in land owned by another entitling the holder of the interest to limited use or enjoyment of the other's land.

FANNIE MAE
A common nickname for the Federal National Mortgage Association.

EXCLUSIVE AGENCY
A written listing agreement giving one agent the right to sell property for a specified time, but reserving to the owner the right to sell the property himself without payment of any commission.

USEFUL LIFE
That period of time over which an asset, such as a building, is expected to remain economically feasible to the owner.

CLOUD ON TITLE
Any document, claim, unreleased lien or encumbrance which many impair or injure the title to property or make the title doubtful because of its apparent or possible validity.

LAND DESCRIPTION
A description of a particular piece of real property.

WAIVER
To voluntarily give up or surrender a right.

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.

NON-COMPETITION CLAUSE
A provision in a contract or lease prohibiting a person from operating or controlling a nearby business which would compete with one of the parties to the contract.

POLICE POWER
The constitutional authority and inherent power of a state to adopt and enforce laws and regulations to promote and support the public health, safety, morals and general welfare.

FIXTURE
An article which was once personal property but has been so affixed to the real estate that it has become real property (e.g. stoves, bookcases, plumbing, etc.). If determined to be a fixture, then the article passes with the property even though it is not mentioned in the deed.

FIRST MORTGAGE
A mortgage which is in first lien position, taking priority over all other liens. In the case of a foreclosure, the first mortgage will be repaid before any other mortgages.

SPECIAL WARRANTY DEED
A deed in which the grantor warrants or guarantees the title only against defects arising during the period of his tenure and ownership of the property and not against defects existing before the time of his ownership.

SECOND MORTGAGE
An additional mortgage placed on a property that has rights that are subordinate to the first mortgage.

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