Home Improvement Loan Rate,

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.

FINDER'S FEE
A fee paid to someone for producing a buyer to purchase or a seller to list property; also called a referral fee.

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.

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

EASEMENT IN GROSS
The limited right of one person to use another's land (servient estate), which right is not created for the benefit of any land owned by the owner of the easement; that is, there is no dominant estate, as the easement attaches personally to the owner, not to the land.

GOOD FAITH
Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not.

ASSESSMENT
A specific levy for a definite purpose, such as adding curbs or sewers in a neighborhood. Individual condominium owners are subject to special assessments benefiting the project as a whole and not funded through regular maintenance charges.

EARNEST MONEY
Deposit made by a buyer towards the down payment in evidence of good faith when the purchase agreement is signed.

BEARER
The legal owner of a piece of property.

BREACH OF CONTRACT
Violation of any of the terms or conditions of a contract without legal excuse; default, non-performance, such as failure to make payment when due.

MINERAL RIGHTS
Rights to subsurface land and profits. Normally, when real property is conveyed, the grantee receives all right and title to the land including everything above and below the surface, unless excepted by the grantor.

GENERAL PARTNER
A co-owner of a partnership who is empowered to enter into contracts on behalf of the partnership and who is fully liable for all partnership debts.

OFFICE EXCLUSIVE
A listing in which the seller refuses to submit the listing to Multiple Listing Service, even after being informed of the advantages of MLS, and signs a certification to that effect.

SECOND MORTGAGE
A mortgage which is junior or subordinate to a first mortgage; typically, an additional loan imposed on top of the first mortgage, which is taken out when the borrower needs more money.

GOOD WILL
An intangible, salable asset arising from the reputation of a business.

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

RENTAL AGREEMENT
An agreement, written or oral, which establishes or modifies the terms, conditions, rules, regulations, or any other provisions concerning the use and occupancy of a dwelling unit and premises; a lease on residential property.

COVENANTS RUNNING WITH THE LAND
Covenants which become part of the property and benefit or bind successive owners of the property.

FEE SIMPLE
The largest estate one can possess in real property. A fee simple estate is the least limited interest and the most complete and absolute ownership in land: it is of indefinite duration, freely transferable and inheritable. Fee simple title is sometimes referred to as "the fee.

RECEIVER
An independent party appointed by a court to impartially receive, preserve and manage property which is involved in litigation, pending final disposition of the matter before the court.

PARTY WALL
A wall which is located on or at a boundary line between two adjoining parcels and is used or is intended to be used by the owners of both properties in the construction or maintenance of improvements on their respective lots.

CERTIFICATE OF TITLE
Written opinion of the status of title to a property, given by an attorney or title company. This certificate does not offer the protection given by title insurance.

RESIDUAL PROCESS
An appraisal process used in the income approach to estimate the value of the land and/or the building, as indicated by the capitalization of the residual net income attributable to it.

PREPAYMENT PRIVILEGE
The right of the debtor to pay off part or all of the debt without penalty prior to maturity, such as in a mortgage or agreement of sale.