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Home Equity Loan
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Real Estate Terms of the Day for Home Equity Loan
SWEAT EQUITY
Value added to a property in the form of labor or services of the owner rather than cash.
BUILDING RESIDUAL TECHNIQUE
A method of determining the value of an improvement normally used in appraising income property.
EMBLEMENTS
Growing crops (called "fructus industriales"),such as rice and taro, which are produced annually through labor and industry.
HOLD HARMLESS CLAUSE
A clause inserted in a contract whereby one party agrees to indemnify and protect the other party from any injuries or lawsuits arising out of the particular transaction.
TITLE SEARCH
An examination of the public records to determine what, if any, defects there are in the chain of title.
ACKNOWLEDGEMENT
A formal declaration made before a duly authorized officer, usually a Notary Public, by a person who has signed a document.
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.
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.
ASSESSED VALUATION
The value of real property as established by the state government for purposes of computing real property taxes.
POINT OF BEGINNING
The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument.
SHELL LEASE
A lease wherein a tenant leases the unfinished shell of a building, as in a new shopping center, and agrees to complete construction himself by installing ceilings, plumbing, heating and air conditioning systems, and electrical wiring.
COMMON AREAS
Land or improvements designated for the use and benefit of all residents, property owners and tenants.
SHELL LEASE
A lease wherein a tenant leases the unfinished shell of a building, as in a new shopping center, and agrees to complete construction himself by installing ceilings, plumbing, heating and air conditioning systems, and electrical wiring.
HUD
Housing and Urban Development. A U.S. government agency established to implement federal housing and community development programs; oversees the Federal Housing Administration.
IMPROVEMENTS
Valuable additions made to property, amounting to more than repairs, costing labor and capital and intended to enhance the value of the property. Improvements of land would include grading, sidewalks, sewers, streets, utilities, etc. Improvements on land would include buildings, fences, and the like.
CERTIFIED PROPERTY MANAGER
A professional property manager who has qualified for membership in and is a member of the Institute of Real Estate Management, and is designated a CPM.
DEED
Legal document by which title to real property is transferred from one owner to another. The deed contains a description of the property, and is signed, witnessed, and delivered to the buyer at closing.
HOLDOVER TENANT
One who stays on the leased premises after his lease has expired. The landlord normally has the choice of evicting the holdover tenant or permitting him to remain and continue to pay rent.
FEDERAL TRADE COMMISSION (FTC)
A federal agency created to investigate and eliminate unfair and deceptive trade practices in business.
LOAN ORIGINATION FEE
Fee charged by a lender to cover administrative costs of processing a loan.
STEP-UP LEASE
A lease with fixed rent for an initial term and provision for pre-determined rent increases at specified intervals and/or increases based upon periodic appraisals; sometimes called a graduated lease.
ABATEMENT
A reduction or decrease in amount, degree, intensity or worth.
WARRANTY
A guaranty by the seller, covering the title as well as the physical condition of the property.
CONVENTIONAL LOAN
Loans that are not made under any government housing program; they are not subject to the restrictions of government housing programs, such as loan size limits.
COOPERATIVE OWNERSHIP
Cooperative ownership of an apartment unit means that the apartment owner has purchased shares in a corporation which holds title to the entire apartment building.
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