Tax Deduction Home Equity Loan,

PARTY WALL
A wall which is located on or at a boundary line between two adjoining parcels and is used or is intended to be used by the owners of both properties in the construction or maintenance of improvements on their respective lots.

FLOOD INSURANCE
Insurance that compensates for physical damage to a property by flood. Typically not covered under standard hazard insurance.

FRAUD
Any form of deceit, trickery, breach of confidence or misrepresentation by which one party attempts to gain some unfair or dishonest advantage over another.

FHLMC
See Federal Home Loan Mortgage Corporation.

PREPAYMENT PENALTY
Fee charged by a lender for a loan paid off in advance of the contractual due date.

BREACH OF CONTRACT
Violation of any of the terms or conditions of a contract without legal excuse; default, non-performance, such as failure to make payment when due.

MALL
A landscaped public area set aside for pedestrian traffic.

POINTS (OR DISCOUNT POINTS)
Points are an up-front fee paid to the lender at the time that you get your loan. Each point equals one percent of your total loan amount. Points and interest rates are inherently connected: in general, the more points you pay, the lower the interest rate you get. However, the more points you pay, the more cash you need up front since points are paid in cash at closing.

CO-TENANCY
A form of concurrent property ownership in which two or more persons own an undivided interest in the same property.

ASSIGNMENT
The transfer of ownership, rights, or interests in property by one person, the assignor, to another, the assignee.

APPRAISAL
A written estimate of a property's current market value completed by an impartial party with knowledge of real estate markets.