No Equity Home Loan,

IMPROVED LAND
Real property whose value has been enhanced by the addition of on-site and off-site improvements such as roads, sewers, utilities, buildings, etc.; as distinguished from raw land.

CAPITAL IMPROVEMENT
Any structure which is erected as a permanent improvement to real property; any improvement which is made to extend the useful life of a property, or to add to the value of the property.

MONUMENTS
Visible markers, both natural and artificial objects, which are used to establish the lines and boundaries of a survey.

CAPITAL IMPROVEMENT
Any structure which is erected as a permanent improvement to real property; any improvement which is made to extend the useful life of a property, or to add to the value of the property.

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

ESCROW
A transaction in which a third party acts as the agent for seller and buyer, or for borrower and lender, in handling legal documents and disbursement of funds.

DUAL AGENCY
Representing both principals (buyer and seller) to a 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.

CHATTEL
Personal property which is tangible and moveable.

DUE ON SALE CLAUSE
A form of acceleration clause found in some mortgages, especially savings and loan mortgages, requiring the mortgagor to pay off the mortgage debt when selling the secured property, thus resulting in automatic maturity of the note at the lender's option.

PERMANENT FINANCING
A long-term loan, as opposed to an interim loan.

GROSS LEASE
A lease of property under which the lessee pays a fixed rent, and the lessor pays the taxes, insurance, and other charges regularly incurred through ownership.

LESSOR
The person who rents or leases property to another. In residential leasing, the lessor is often referred to as a landlord.

RATE OF RETURN
The relationship (expressed as a percentage)between the annual net income generated by a business and the invested capital, or the appraised value, or the gross income, etc., of the business.

ADHESION CONTRACT
A contract which is very one-sided and favors the party who drafted the document.

TAX IMPOUND
Money paid to and held by a lender for annual tax payments.

CONTINGENCY
A condition which must be satisfied before a contract is legally binding.

ANNUAL PERCENTAGE RATE (APR)
The cost of credit expressed as a yearly rate. The annual percentage rate is often not the same as the interest rate. It is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan.

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

NET LEASE
A lease, usually commercial, whereby the lessee pays not only the rent for occupancy, but also pays maintenance and operating expenses such as tax, insurance, utilities and repairs. Thus the rent paid is "net" to the lessor.