Bankruptcy Home Loan,

REMAINDER ESTATE
A future interest in real estate created at the same time and by the same instrument as another estate, and limited to arise immediately upon the termination of the prior estate.

JOINT VENTURE
The joining of two or more people in a specific business enterprise such as the development of a condominium project or a shopping center.

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

IMPOUND ACCOUNT
An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses impound account funds on behalf of the borrower when they become due. (Also known as Escrow Account.)

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.

KICKERS
Different types of equity participation a lender may seek as a condition for lending money, such as participation in rentals, profits, or extra interest.

COMMITMENT
A pledge or promise to do a certain act, such as the promise of a lending institution to loan a certain amount of money at a fixed rate of interest to a qualified buyer, provided the loan is obtained on or before a certain date.

ABATEMENT
A reduction or decrease in amount, degree, intensity or worth.

LANDMARK
A stake, stream, cliff, monument or other object or feature which is used to fix or define land boundaries; also a prominent feature of a landscape or property that is the symbol for the place.

ATTORNMENT
The act of a tenant formally agreeing to become the tenant of a successor landlord; as in attorning to a mortgagee who has foreclosed on the leased premises.

ESCROW ACCOUNT
An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses escrow account funds on behalf of the borrower when they become due. Also known as Impound Account.

REALTOR
A registered word which may only be used by an active real estate broker who is a member of the state and local real estate board affiliated with the National Association of Realtors. The use of the name REALTOR and the distinctive seal in advertising is strictly governed by the rules and regulations of the National Association.

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.

PUFFING
Exaggerated or superlative comments or opinions not made as representations of fact and thus not a grounds for misrepresentation. A statement such as "the apartment has a fantastic view," is puffing because the prospective buyer can clearly assess the view in each case.

VOID
Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling)is void.

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

LICENSEE
A person who has a valid license. A real estate licensee can be a salesperson or a broker, active or inactive, an individual, a corporation, or a partnership.

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