Home Loan Wamu,

CLOSING
The final stage of consummating a real estate transaction when the seller delivers title to the buyer, in exchange for the purchase price.

PARTY WALL
A wall which is located on or at a boundary line between two adjoining parcels and is used or is intended to be used by the owners of both properties in the construction or maintenance of improvements on their respective lots.

METES AND BOUNDS
A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles.

NEGATIVE CASH FLOW
The investment situation where cash expenditures to maintain an investment (taxes, mortgage payments, maintenance, etc.) exceed the cash income received from the investment.

OFFER AND ACCEPTANCE
The two components of a valid contract; a "meeting of the minds."

CONTRACT OF SALE
The agreement between the buyer and seller on the purchase price, terms, and conditions of a sale.

LENDER
The bank, mortgage company, or mortgage broker offering the loan.

NONCONFORMING USE
A permitted use which was lawfully established and maintained but which no longer conforms to the current use regulations because of a change in the zoning.

LEGAL DESCRIPTION
A description which is complete enough that an independent surveyor could locate and identify a specific piece of real property.

DEFAULT
Failure to meet legal obligations in a contract, including failure to make payments on a loan.

TOWNSHIP
A piece of property, used in the government survey system of land description, which is 6 miles square, and contains36 sections, each 1 mile square; and consists of 23,040 acres.

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

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.

FANNIE MAE
A common nickname for the Federal National Mortgage Association.

LAND DESCRIPTION
A description of a particular piece of real property.

PARTY WALL
A wall which is located on or at a boundary line between two adjoining parcels and is used or is intended to be used by the owners of both properties in the construction or maintenance of improvements on their respective lots.