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ANCHOR TENANT
Major department or chain stores which are strategically located at shopping centers so as to give maximum exposure to smaller satellite stores.

PERSONAL PROPERTY
Things which are tangible and moveable; property which is not classified as real property; chattels; personalty.

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

OPINION OF TITLE
An opinion by a person competent in examining titles, usually a title attorney, as to the status of the title of a property.

FISCAL YEAR
A business year used for tax, corporate or accounting purposes, as opposed to a calendar year.

LATERAL AND SUBJACENT SUPPORT
The support received by a parcel of real property from the land adjoining it is called lateral support. Subjacent support is that support which the surface of the earth receives from its underlying strata.

LOSS PAYEE
The person designated on an insurance policy to be paid in case the insured property is damaged or destroyed.

CONDOMINIUM
A form of property ownership in which the homeowner holds title to an individual dwelling unit and a proportionate interest in common areas and facilities of a multi-unit project.

PRO FORMA STATEMENT
A projection of future income and expenses.

QUIET TITLE ACTION
A circuit court action intended to establish or settle the title to a particular property, especially where there is a cloud on the title.

NONDISTURBANCE CLAUSE
A clause inserted in a mortgage whereby the mortgagee agrees not to terminate the tenancies of lessees who pay their rent if the mortgagee forecloses on the mortgagor-lessor's building.

RECORDING
The act of entering documents concerning title to a property into the public records.

FIXED-RATE LOANS
Fixed-rate loans have interest rates that do not change over the life of the loan. As a result, monthly payments for principal and interest are also fixed for the life of the loan. Fixed-rate loans typically have 15-year or 30-year terms. With a fixed-rate loan, you will have predictable monthly mortgage payments for as long as you have the loan.

DOWN PAYMENT
The amount of your home's purchase price you need to supply up front in cash to get your loan. For conventional loans, you should strive for a down payment that's at least 20% of your home's value, since lenders generally do not require private mortgage insurance with a down payment of at least 20% of your home's purchase price. (Note, however, that FHA and VA loans have different policies regarding insurance.)

PRIVATE MORTGAGE INSURANCE (PMI)
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 purchase price. (Note, however, that FHA and VA loans have different insurance guidelines.)

HOMESTEAD
A home which is used as a personal residence.

ANY CASH RECEIVED WHEN YOU GET A NEW LOAN THAT IS LARGER THAN THE REMAINING BALANCE OF YOUR CURRENT MORTGAGE, BASED UPON THE EQUITY YOU HAVE ALREADY BUILT UP IN THE HOUSE.THE CASH OUT AMOUNT IS CALCULATED BY SUBTRACTING THE SUM OF THE OLD LOAN AND FEES FR
For example, if your existing loan is $100,000, you might refinance it with a loan of $120,000. After you pay off your current loan ($100,000) and any loan-origination costs for the new loan (for example $2,000 in points), you would be left with $18,000 cash out.

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

INCORPOREAL RIGHTS
Intangible or non-possessory rights in real property such as easements, licenses, profits and the like.

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

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.

RECORDING
The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Proper recordation imparts constructive notice to all the world of the existence of the recorded document and its contents.

LETTER OF INTENT
An expression of intent to invest, develop or purchase without creating any firm legal obligation to do so.

INDUSTRIAL PARK
An area zoned industrial and containing sites for many separate industries and developed and managed as a unit, usually with provisions for common services for the users.

RENT CONTROL
Regulation by state or local governmental agencies restricting the amount of rent landlords can charge their tenants; such regulation is a valid exercise of the state's police power.

INDUSTRIAL PARK
An area zoned industrial and containing sites for many separate industries and developed and managed as a unit, usually with provisions for common services for the users.

DEPTH TABLE
Tables of percentage designed to provide a uniform system of measuring the additional value to lots which accrues because of added depth, with the extra depth valued according to the added utility which it creates.

POINTS (OR DISCOUNT POINTS)
Points are an up-front fee paid to the lender at the time that you get your loan. Each point equals one percent of your total loan amount. Points and interest rates are inherently connected: in general, the more points you pay, the lower the interest rate you get. However, the more points you pay, the more cash you need up front since points are paid in cash at closing.

IMPROVED LAND
Real property whose value has been enhanced by the addition of on-site and off-site improvements such as roads, sewers, utilities, buildings, etc.; as distinguished from raw land.

LANDLOCKED
Real property having no access to a public road or way.