Home Improvement Magazine,

COOPERATIVE OWNERSHIP
Cooperative ownership of an apartment unit means that the apartment owner has purchased shares in a corporation which holds title to the entire apartment building.

OPEN HOUSE
The common real estate practice of showing a listed home to the public during established hours, frequently on Sunday afternoons.

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

COMPARABLES
Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property.

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

DEVELOPER
One who attempts to put land to its most profitable use by the construction of improvements.

POINT OF BEGINNING
The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument.

MORTGAGE BANKER
A corporation or firm which normally provides its own funds for mortgage financing.

EXCHANGE
A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of a like kind.

GRADUATED RENTAL LEASE
A lease in which the rent payments commence at a fixed, often low rate, but "step up" or increase at set intervals as the lease term matures.

QUALIFIED FEE
An estate in fee which is subject to certain limitations imposed by the owner.

RAW LAND
Unimproved land; land in its unused natural state prior to the construction of improvements such as streets, lighting, sewers, and the like.

CERTIFIED CHECK
A check which the bank guarantees to be good, and against which a stop payment is ineffective.

DEED
A written instrument by which a property owner "grantor" transfers to a "grantee" an ownership in real property.

PRORATE
To divide or distribute proportionately.

NET WORTH
The value remaining after deducting liabilities from assets.

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

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.

PREMISES
The subject property, such as the property which is deeded or the unit that is leased.

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.

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.

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

JOINT AND SEVERAL LIABILITY
A situation in which more than one party is liable to repay a debt or obligation and a creditor can obtain compensation from one or more parties, either individually or jointly, whichever he chooses.

TITLE
Document which gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property.

COMMON LAW
That body of law which is based on usage, general acceptance, and custom, as manifested in decrees and judgments of the courts; judge-made law, as opposed to codified or statutory law.

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.

FANNIE MAE
A common nickname for the Federal National Mortgage Association.