Home Improvement Loewes,

LITTORAL LAND
Land bordering on the shore of a sea or ocean and thus affected by the tide currents.

COMMISSION
Money paid to a real estate agent or broker for negotiating a real estate or loan transaction.

TAX SHELTER
A phrase often used to describe some of the tax advantages of real estate investment, such as deductions for depreciation, interest, taxes, etc., which may offset the investor's other ordinary income to reduce the investor's overall tax payment.

PARTITION
The dividing of common interests in real property owned jointly by two or more persons.

TRUST FUND ACCOUNT
An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others.

JUDGMENT LIEN
A lien binding on all the real estate of a judgment-debtor and giving the holder of the judgment a right to levy (i.e. to seize) the land for satisfaction of the judgment.

DEALER
An IRS designation for a person who regularly buys and sells real property.

MARGIN
A specified percentage that is added to your chosen financial index to determine your new interest rate at the time of adjustment for ARM loans.

COLLATERAL
Something of value given or pledged as security for a debt or obligation. The collateral for a real estate mortgage loan is the mortgaged property itself, which has been hypothecated.

TENANCY IN SEVERALTY
Ownership of property vested in one person alone, and not held jointly with another; also called Several Tenancy or Sole Tenancy.

PROSPECTUS
A printed statement distributed to describe, advertise and give advance information on a business, venture, project or stock issue.

DEED
Legal document by which title to real property is transferred from one owner to another. The deed contains a description of the property, and is signed, witnessed, and delivered to the buyer at closing.

INCOME PROPERTY
Property purchased primarily for the income to be derived plus certain tax benefits, such as accelerated depreciation. Income property can be commercial, industrial or residential.

DEBT SERVICE
The amount of money needed to meet the periodic payments of principal and interest when a debt is amortized.

PRESENT VALUE OF ONE DOLLAR
A doctrine which is based on the fact that money has a time value. The present worth of a payment to be received at some time in the future is the amount of the payment less the loss of interest.

MARGIN
A specified percentage that is added to your chosen financial index to determine your new interest rate at the time of adjustment for ARM loans.

SECONDARY MORTGAGE MARKET
A market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; also called secondary money market.

CLIENT TRUST ACCOUNT
An account set up by a broker to keep client's monies segregated from the broker's general funds.

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

HOLD HARMLESS CLAUSE
A clause inserted in a contract whereby one party agrees to indemnify and protect the other party from any injuries or lawsuits arising out of the particular transaction.

ALIENATION CLAUSE
A clause in a promissory note or mortgage which provides that the balance of the secured debt becomes immediately due and payable at the option of the mortgagee upon the alienation of the property by the mortgagor.

MORTGAGE INSURANCE
Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. (Note, however, that FHA and VA loans have different insurance guidelines.)

WAIVER
To voluntarily give up or surrender a right.

OFFER
A promise by one party to act or perform in a specified manner provided the other party will act or perform in the manner requested.

CONDOMINIUM OWNERSHIP
An estate in real property consisting of an individual interest in an apartment or commercial unit, and an undivided common interest in the common areas such as the land, parking areas, elevators, stairways, and the like.

NET INCOME
The sum arrived at after deducting from gross income the expenses of a business or investment, including taxes and insurance, and allowances for vacancy and bad debts; what the property will earn in a given year's operation.

COVENANT
A written agreement or promise of two or more parties by which either pledges to perform or not to perform specified acts on a property, or which specifies certain uses or non-uses of the property.

PRESCRIPTION
The acquiring of a right in property, usually in the form of an intangible property right such as an easement or right-of-way, by means of adverse use of property that is continuous and uninterrupted for the prescriptive period.

PROCURING CAUSE
That effort which brings about the desired result, as in producing the buyer for the listed property.

CHATTEL
Personal property which is tangible and moveable.