Home Improvement Show Tv,

MECHANIC'S LIEN
A statutory lien created in favor of materialmen and mechanics to secure payment for materials supplied and services rendered in the improvement, repair or maintenance of real property.

TAX LIEN
A general statutory lien imposed against real property for failure to pay taxes. There are federal tax liens and state tax liens.

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.

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.

PLAT
A map or a town, section, or subdivision indicating the location and boundaries of individual properties.

MEANDER LINE
An artificial line used by the surveyors to measure the natural, uneven, winding property line formed by rivers, streams and other watercourses bordering a property.

SEPTIC TANK
A sewage settling tank in which part of the sewage is converted into gas and liquids before the remaining waste is discharged by gravity into a leaching bed underground.

STRAIGHT NOTE
A promissory note evidencing a loan in which "interest only" payments are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity.

TITLE INSURANCE
Insurance which protects the lender (lender's policy) or the buyer (owner's policy) against loss due to disputes over ownership of a property.

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.

PLANNED UNIT DEVELOPMENT (PUD)
A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces.

MORTGAGEE
The one who receives and holds a mortgage as security for a debt; the lender; a lender or creditor who holds a mortgage as security for payment of an obligation.

CLOSING STATEMENT
A detailed cash accounting of a real estate transaction prepared by an escrow officer or other person designated to process the mechanics of the sale, showing all cash that was received, all charges and credits which were made, and all cash that was paid out in the transaction; also called a settlement statement.

FEDERAL HOUSING ADMINISTRATION (FHA)
The FHA was set up in1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market.

NOVATION
The substitution of a new obligation for an old one; substitution of new parties to an existing obligation, as where the parties to an agreement accept a new debtor in place of an old one.

REFINANCE
The act of obtaining a new loan to pay off an existing loan; the process of paying off one loan with the proceeds from another.

OPEN SPACE
Certain portion of the landscape which has not been built upon and which is sought either to be reserved in its natural state or used for agricultural or recreational purposes(such as parks, squares, and the like).