21 Century Home Improvement,

RECONVEYANCE
The transfer of property back to the owner when a mortgage loan is fully repaid.

LOCK OR LOCK-IN
A lender's guarantee of an interest rate for a set period of time. The time period is usually that between loan application approval and loan closing. The lock-in protects you against rate increases during that time.

LAW DAY
The date an obligation becomes due; sometimes refers to the closing date.

COMMON WALL
A wall separating two living units.

MORTGAGOR
The borrower in a mortgage loan transaction.

CONVEYANCE
The document used to effect a transfer, such as a deed, or mortgage.

PREPAID INTEREST
Interest that is paid in advance of when it is due. Typically charged to a borrower at closing to cover interest on the loan between the closing date and the first payment date.

BALLOON MORTGAGE
Balloon mortgage loans are short-term fixed-rate loans with fixed monthly payments for a set number of years followed by one large final balloon payment ("the balloon") for all of the remainder of the principal. Typically, the balloon payment may be due at the end of 5, 7, or 10 years. Borrowers with balloon loans may have the right to refinance the loan when the balloon payment is due, but the right to refinance is not guaranteed.

AD VALOREM
Latin for "according to valuation," usually referring to a type of tax or assessment.

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.

ZONING ORDINANCES (OR ZONING REGULATIONS)
Local law establishing building codes and usage regulations for properties in a specified area.

CEILING
The maximum allowable interest rate of an adjustable rate mortgage.

GRANTEE
The person who receives from the grantor a grant of real property.

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

LAND
The surface of the earth extending down to the center and upward to the sky, including all natural things thereon such as trees, crops, or water; plus the minerals below the surface and the air rights above.

LESSEE
The person to whom property is rented or leased; called a "tenant" in most residential leases.

CREDIT REPORT
A report detailing the credit history of a prospective borrower that's used to help determine borrower creditworthiness.

JURISDICTION
The authority or power to act, such as the authority of a court to hear and render a decision that binds both parties.

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

PERFORMANCE BOND
A bond, usually posted by one who is to perform work for another, which assures that a project or undertaking will be completed as per agreement or contract.

ACCELERATION CLAUSE
A clause in a promissory note, agreement of sale, or mortgage which gives the lender the right to call all sums due and payable in advance of the fixed payment date upon the occurrence of a specified event, such as a sale, default, assignment or further encumbrance of the property.

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