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DEFAULT
Failure to meet legal obligations in a contract, including failure to make payments on a loan.

NOTICE
(1) Legal notice is notice which is required to be made by law, or notice which is imparted by operation of law as a result of the possession of property or the recording of documents. (2) Notice which is required by contract, for example, when the parties agree to terminate a contract by the written notice of either party 30 days prior to termination.

GOOD FAITH ESTIMATE
Written estimate of the settlement costs the borrower will likely have to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), the lender is required to provide this disclosure to the borrower within three days of receiving a loan application.

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

DEED
A written instrument by which a property owner "grantor" transfers to a "grantee" an ownership in real property.

BOOT
Money or other property given to make up any difference in value or equity between two exchanged properties.

BUY-DOWN MORTGAGE
A mortgage loan with a below-market rate for a period of time.

AMENITIES
Features, both tangible and intangible, which enhance and add to the desirability of real estate.

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.

PROMISSORY NOTE
An unconditional written promise of one person to pay a certain sum of money to another, or order, or bearer, at a future specified time.

COVENANTS RUNNING WITH THE LAND
Covenants which become part of the property and benefit or bind successive owners of the property.

ESTOPPEL
A legal doctrine by which a person is prevented from asserting rights or facts which are inconsistent with a previous position or representation he had made by his act, conduct or silence.

COMMISSION
Money paid to a real estate agent or broker for negotiating a real estate or loan transaction.

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.

SEPTIC TANK
A sewage settling tank in which part of the sewage is converted into gas and liquids before the remaining waste is discharged by gravity into a leaching bed underground.