Home Improvement Idea,

SUBORDINATION AGREEMENT
An agreement whereby a prior mortgagee agrees to subordinate or give up their priority position to an existing or anticipated future lien.

ESCHEAT
The reversion of property to the state when a decedent dies intestate and there are no heirs capable of inheriting, or when the property is abandoned.

JOINT TENANCY
A form of ownership of property giving each person equal interest in the property, including rights of survivorship.

FILLED LAND
An area where the grade has been raised by depositing or dumping dirt, gravel or lava rock.

IMPUTED INTEREST
Interest implied by the federal tax law.

EXECUTORY CONTRACT
A contract in which one or both of the parties has not yet performed.

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.

NOTICE OF DEFAULT
Written notice to a borrower that a default has occurred and that legal action may be taken.

INNOCENT PURCHASER FOR VALUE
One who purchases real property without notice, actual or constructive, of any superior rights or interests in the real property.

LETTER OF INTENT
An expression of intent to invest, develop or purchase without creating any firm legal obligation to do so.

ANNUAL PERCENTAGE RATE (APR)
The cost of credit expressed as a yearly rate. The annual percentage rate is often not the same as the interest rate. It is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan.

IMPLIED WARRANTY OF HABITABILITY
A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease.

GOVERNMENT SURVEY
A system of land description in which large blocks of land are divided into tracts bounded by imaginary lines conforming to the true meridian.

INNOCENT PURCHASER FOR VALUE
One who purchases real property without notice, actual or constructive, of any superior rights or interests in the real property.

CAPS (PAYMENT)
Consumer safeguards which limit the amount monthly payments on an adjustable-rate mortgage may change. Since they do not limit the amount of interest the lender is earning, these consumer safeguards may cause negative amortization.

ACRE
A measure of land equaling 43,560 square feet; 4,840 square yards; 160 square rods.

ANNUAL PERCENTAGE RATE
The relationship of the total Finance Charge to the total amount to be finance as required under the Federal Truth-in-Lending Law.

COURTESY TO BROKERS
The practice of sharing commissions with cooperating brokers.

CHAIN OF TITLE
The chronological order of conveyance of a property from the original owner to the present owner.

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.

LIMITED COMMON ELEMENTS
That special class of common elements in a condominium reserved for the use of a certain apartment(s) to the exclusion of other apartments.

SECOND MORTGAGE
An additional mortgage placed on a property that has rights that are subordinate to the first mortgage.

UPSET PRICE
A minimum price set by a court in a judicial foreclosure, below which the property may not be sold by a court appointed commissioner at public auction; the minimum price which can be accepted for the property after the court has had the property appraised.

DEPRECIATION (APPRAISAL)
A loss in value due to any cause; any condition which adversely affects the value of an improvement.

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

INITIAL RATE
The rate charged during the first interval of an ARM loan.

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