Home Improvement Painting,

DEPOSIT
Money offered by a prospective buyer as an indication of good faith in entering into a contract to purchase; earnest money; security for the buyer's performance of a contract.

MARKETABLE TITLE
Good or clear title reasonably free from risk of litigation over possible defects; also referred to as merchantable title. Marketable title need not, however, be perfect title.

HOUSE RULES
Rules of conduct adopted by a board of directors of a condominium and designed to promote harmonious living among the owners and occupants.

DISCOUNT POINTS
An added loan fee charged by a lender to make the yield on a lower-than-market interest VA or FHA loan competitive with higher interest conventional loans.

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
Independent deposit insurance agency created by Congress to maintain stability and public confidence in the nation's banking system.

DELINQUENCY
Failure to make payments as agreed in the loan agreement.

BLANKET MORTGAGE
A mortgage which is secured by several structures or a number of lots. A blanket mortgage is often used to finance proposed subdivisions or development projects, especially cooperatives.

EQUITY
That interest or value remaining in property after payment of all liens or other charges on the property. A owner's equity is normally the monetary interest over and above the mortgage indebtedness.

ASSUMPTION OF MORTGAGE
The act of acquiring title to property which has an existing mortgage on it and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.

ACCESS
A general or specific right of ingress and egress to a particular property.

CONVERTIBLE ARMS
A type of ARM loan with the option to convert to a fixed-rate loan during a given time period.

OVERIMPROVEMENT
An improvement which by reason of excess size or cost is not the highest and best use for the site on which it is placed.

POWER OF ATTORNEY
A written instrument authorizing a person(the attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument.