Home Mortgage Loan Company,

PURCHASE MONEY MORTGAGE
A mortgage given to the seller as part of the buyer's consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a simultaneous part of the transaction.

BUDGET MORTGAGE
A mortgage with payments set up to cover more than interest and principal reductions.

PARTIAL RELEASE
A clause found in a mortgage which directs the mortgagee to release certain parcels from the lien of the blanket mortgage upon the payment of a certain sum of money.

SETTLEMENT COSTS
Also known as closing costs, these costs are for services that must be performed before your loan can be initiated. Examples include title fees, recording fees, appraisal fee, credit report fee, pest inspection, attorney's fees, taxes, and surveying fees.

DEED
Legal document by which title to real property is transferred from one owner to another. The deed contains a description of the property, and is signed, witnessed, and delivered to the buyer at closing.

VACANCY FACTOR
An allowance or discount for estimated vacancies(unrented units) in a rental project. The vacancy rate is the ratio between the number of vacant units and the total number of units in a specified project or area.

LATE CHARGE
Penalty paid by a borrower when a payment is made after the due date.

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.

QUALIFIED FEE
An estate in fee which is subject to certain limitations imposed by the owner.

BENEFICIARY
A person who receives the benefits from the gifts or acts of another, such as one who is designated to receive the proceeds from a will, insurance policy or trust.

ACCEPTANCE
The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer.

BASE LINE AND MERIDIAN
An imaginary set of lines used by surveyors to locate and describe land under the Rectangular Survey Method of property description used in most mainland states.

VACANCY FACTOR
An allowance or discount for estimated vacancies(unrented units) in a rental project. The vacancy rate is the ratio between the number of vacant units and the total number of units in a specified project or area.

COST OF FUNDS INDEX (COFI)
An index of the weighted-average interest rate paid by savings institutions for sources of funds, usually by members of the 11th Federal Home Loan Bank District.

FRONTAGE
The length of a property abutting a street or body of water; that is, the number of feet that "front" the street or water.

DEVELOPER
One who attempts to put land to its most profitable use by the construction of improvements.

CUL DE SAC
A street which is open at one end only, and which usually has a circular turnaround; a blind alley.

EXECUTOR
A person appointed by a testator to carry out the directions and requests in the last will and testament, and to dispose of property according to the provisions of the will.

DEED OF TRUST
A legal document that conveys title to real property to a third party. The third party holds title until the owner of the property has repaid the debt in full.

FIXED RATE
An interest rate which is fixed for the term of the loan.

MILITARY CLAUSE
A clause inserted in some residential leases to allow the military tenant to terminate the lease in case of transfer, discharge or other circumstances making termination appropriate.

TENANCY AT SUFFERANCE
A tenancy which exists when a tenant wrongfully holds over after the expiration of a lease, without the landlord's consent, as where the tenant fails to surrender possession after termination of the lease.

BASE LINE AND MERIDIAN
An imaginary set of lines used by surveyors to locate and describe land under the Rectangular Survey Method of property description used in most mainland states.

ACCEPTANCE
The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer.

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

EQUITY
The difference between the current market value of a property and the total debt obligations against the property. On a new mortgage loan, the down payment represents the equity in the property.

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

SHOPPING CENTER
A modern classification of retail stores, characterized by off-street parking and clusters of stores, subject to a uniform development plan, and usually with careful analysis given to the proper merchant mix.

DISTRAINT
The right of a landlord, pursuant to a court order, to seize a tenants belongings for rents in arrears.