Home Interest Loan Only,

LOCUS SIGILLI
Latin for "under seal", used in the abbreviated form, "L.S.," at the end of signature line in some formal legal documents; used instead of the actual seal.

ENCUMBRANCE
Any claim, lien, charge or liability attached to and binding upon real property which may lessen the value of the property but will not necessarily prevent transfer of title.

TAX IMPOUND
Money paid to and held by a lender for annual tax payments.

PRE-SALE
A pre-construction sale program by a condominium developer who is required to sell a certain percentage of units before a lender will commit to finance construction of the project.

INVENTORY
An itemized list of property. Many brokers recommend that their clients attach to the sales contract an inventory of property to be included in the sale of a residential property, including a condominium dwelling.

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.

CHATTEL
Personal property which is tangible and moveable.

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

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

ACCRUED INTEREST
Interest earned but not yet paid.

GOOD WILL
An intangible, salable asset arising from the reputation of a business.

CO-TENANCY
A form of concurrent property ownership in which two or more persons own an undivided interest in the same property.

PRE-APPROVAL
The process of determining how much money a prospective homebuyer or refinancer will be eligible to borrow prior to application for a loan. A pre-approval includes a preliminary screening of a borrower's credit history. Information submitted during pre-approval is subject to verification at application.

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

BULK TRANSFERS
Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise.