Washington Mutual Home Equity Loan,

RESTRICTIONS
Limitations on the use of property. Private restrictions are created by means of restrictive covenants written into real property instruments, such as deeds and leases.

ADVERSE POSSESSION
The acquiring of title to real property owned by someone else, by means of open, notorious and continuous possession for the statutory period of time (20 years in Hawaii).

NEGOTIATION
The transaction of business aimed at reaching a meeting of minds among the parties; bargaining.

COOPERATING BROKER
A broker who joins with another broker in the sale of real property.

STATUTE OF FRAUDS
That law which requires certain contracts to be in writing and signed by the party to be charged therewith in order to be legally enforceable.

NONCONFORMING USE
A permitted use which was lawfully established and maintained but which no longer conforms to the current use regulations because of a change in the zoning.

NONDISTURBANCE CLAUSE
A clause inserted in a mortgage whereby the mortgagee agrees not to terminate the tenancies of lessees who pay their rent if the mortgagee forecloses on the mortgagor-lessor's building.

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

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.

BEARER
The legal owner of a piece of property.

PERSONAL PROPERTY
Things which are tangible and moveable; property which is not classified as real property; chattels; personalty.

INVENTORY
An itemized list of property. Many brokers recommend that their clients attach to the sales contract an inventory of property to be included in the sale of a residential property, including a condominium dwelling.

EVICTION
The legal process of removing a tenant from possession of the premises for some breach of the lease contract.

SETTLEMENT
The act of adjusting and prorating the various credits, charges and settlement costs to conclude a real estate transaction.

FRONTAGE
The length of a property abutting a street or body of water; that is, the number of feet that "front" the street or water.

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

RECORDING FEE
Money paid to an agent for entering the sale of a property into the public records.

PRO FORMA STATEMENT
A projection of future income and expenses.

CLEAR TITLE
Title to property that is free from liens, defects or other encumbrances, except those which the buyer has agreed to accept, such as mortgage to be assumed, the ground lease of record, and the like; established title; title without clouds.

MARKETABLE TITLE
Good or clear title reasonably free from risk of litigation over possible defects; also referred to as merchantable title. Marketable title need not, however, be perfect title.

TENANCY IN SEVERALTY
Ownership of property vested in one person alone, and not held jointly with another; also called Several Tenancy or Sole Tenancy.

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

CODE OF ETHICS
A written system of standards of ethical conduct. The Code of Ethics of the National Association of Realtors, first written in 1913, establishes the high standards of conduct for members of the Realtor community.

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

LOAN APPLICATION FEE
Fee charged by a lender to cover the initial costs of processing a loan application. The fee may include the cost of obtaining a property appraisal, a credit report, and a lock-in fee or other closing costs incurred during the process or the fee may be in addition to these charges.