Home Improvement Catalog,

CONTRACT OF SALE
The agreement between the buyer and seller on the purchase price, terms, and conditions of a sale.

JUDICIAL FORECLOSURE
A method of foreclosing upon real property by means of a court supervised sale. After an appraisal, the court determines an upset price below which no bids to purchase will be accepted.

DESCRIPTION
The portion of a conveyance document which defines the property being transferred.

APPLICATION
An initial statement of personal and financial information required to apply for a loan.

DISCRIMINATION
The act of making a distinction against or in favor of a person on the basis of the group or class to which the person belongs; the failure to treat people equally.

ORIGINATION FEE
Fee charged by a lender to cover administrative costs of processing a loan.

PERCENTAGE LEASE
A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises.

AGREEMENT OF SALE
An agreement between the seller (vendor) and buyer (vendee) for the purchase of real property.

DESCENT
The acquisition of an estate by inheritance, where an heir succeeds to the property by operation of law. Descent literally means the hereditary succession of an heir to property of an ancestor who dies intestate.

LATE CHARGE
Penalty paid by a borrower when a payment is made after the due date.

WAREHOUSE
A building used to store merchandise and other materials or equipment.

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

COUNTER-OFFER
A new offer made as a reply to an offer received from another; this has the effect of rejecting the original offer, which cannot thereafter be accepted unless revived by the offeror's repeating it.

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

PERCOLATION TEST
A hydraulic engineer's test of soil to determine the ability of the ground to absorb and drain water.

JOINT LIABILITY
Liability shared among two or more people, each of whom is liable for the full debt.

OBSOLESCENCE
A type of depreciation of property.

RELEASE CLAUSE
A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro-rata portion of the loan.

FREE AND CLEAR TITLE
Title to real property which is absolute and unencumbered by any liens, mortgages, clouds or other encumbrances.

INTESTATE
To die without a valid will.

COMMINGLING
To mingle or mix; for example, to deposit client funds in the broker's personal or general account. A licensee found guilty of commingling can have the license suspended or revoked by the Real Estate Commission.

ABSTRACT OF TITLE
A concise, summarized history of the title to a specific parcel of real property, together with a statement of all liens and encumbrances affecting the property. The abstract of title does not guarantee or assure the validity of the title of the property. It merely discloses those items about the property which are of public record, and thus does not reveal such things as encroachments, forgeries, and the like.

VERIFICATION OF DEPOSIT (VOD)
Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history.

REBATE
A reduction or kickback of a stipulated charge.

CLUSTER DEVELOPMENT
The grouping of housing units on less than normal size homesites, with the remaining land being devoted to common areas.

VERIFICATION OF DEPOSIT (VOD)
Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history.

AGREEMENT OF SALE
Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

PARTNERSHIP
"An association of two or more persons to carry on as co-owners a business for profit," as defined in the Uniform Partnership Act, which is in force in a majority of the states.