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

TRANSFER TAX
Tax paid when title passes from one owner to another.

EQUAL CREDIT OPPORTUNITY ACT (ECOA)
Federal law requiring creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs.

COLLATERAL
Assets (such as your home) pledged as security for a debt.

ERRORS AND OMISSIONS INSURANCE
A form of insurance which covers liabilities for errors, mistakes and negligence in the usual listing and selling activities of a real estate office or escrow company.

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

INTESTATE
To die without a valid will.

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

RIPARIAN
Those rights and obligations which are incidental to ownership of land adjacent to or abutting on watercourses such as streams and lakes.

TENANCY FOR YEARS
A less-than-freehold estate in which the property is leased for a definite, fixed period of time, be it for 60 days or any fraction of a year, a year, ten years, etc.

PERMANENT FINANCING
A long-term loan, as opposed to an interim loan.

LEVEL PAYMENT MORTGAGE
A mortgage which is scheduled to be repaid in equal periodic payments which include both principal and interest.

STANDING LOAN
A commitment by the interim or construction lender to keep the money already funded in the project for a specified period of time after the expiration of the interim loan, usually until permanent take-out financing is secured.