Fixed Rate Home Equity Loan,

OPEN HOUSE
The common real estate practice of showing a listed home to the public during established hours, frequently on Sunday afternoons.

SECURITY DEPOSIT
Money deposited by or for the tenant with the landlord, to be held by the landlord for the following purposes: to remedy tenant defaults for damage to the premises (be it accidental or intentional), for failure to pay rent due, or for failure to return all keys at the end of the tenancy.

OPINION OF TITLE
An opinion by a person competent in examining titles, usually a title attorney, as to the status of the title of a property.

ACCRUED
That which has accumulated over a period of time such as accrued depreciation, accrued interest or accrued expenses.

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

LIMITED PARTNERSHIP
A partnership formed by two or more persons having as members one or more general partners and one or more limited partners.

CERTIFICATE OF VETERAN STATUS
FHA form filled out by the VA to establish a borrower's eligibility for an FHA Vet loan. Obtainable through local VA office by submitting form DD 214 (Separation Paper) with form 26-8261a (request for certificate of veteran status).

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

PIGGYBACK LOAN
A joint loan with two lenders sharing a single mortgage.

FINANCE FEE
A mortgage brokerage fee to cover the expenses incurred in placing the mortgage with a lending institution; a mortgage service charge or origination fee.

VENDOR
The seller of realty. The seller under an agreement of sale.

POWER OF ATTORNEY
Legal document authorizing one person to act on behalf of another.

PERFORMANCE BOND
A bond, usually posted by one who is to perform work for another, which assures that a project or undertaking will be completed as per agreement or contract.

KIOSK
A small structure usually constructed of wood with one or more sides open and typically used as a newsstand, photo film center or ice cream stand.

MORTGAGOR
The borrower in a mortgage loan transaction.

USURY
Interest charged in excess of the legal rate established by law.

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.

ACCRUED
That which has accumulated over a period of time such as accrued depreciation, accrued interest or accrued expenses.

MASTER PLAN
A comprehensive plan to guide the long-term physical development of a particular area.

DOWN PAYMENT
The amount of your home's purchase price you need to supply up front in cash to get your loan. For conventional loans, you should strive for a down payment that's at least 20% of your home's value, since lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home's purchase price. (Note, however, that FHA and VA loans have different policies regarding insurance.)

LOCUS SIGILLI
Latin for "under seal", used in the abbreviated form, "L.S.," at the end of signature line in some formal legal documents; used instead of the actual seal.

FLAG LOT
A land parcel having the configuration of an extended flag and pole. The pole represents access to the site which is usually located to the rear of another lot fronting a main street.

GRANTEE
The person who receives from the grantor a grant of real property.