New Construction Home Loan,

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

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.

HOMEOWNER'S ASSOCIATION
A non-profit association of homeowners organized pursuant to a declaration of restrictions or protective covenants for a subdivision, a PUD, or a condominium.

POSSESSION
The act of either actually or constructively possessing or occupying property.

OFFICE EXCLUSIVE
A listing in which the seller refuses to submit the listing to Multiple Listing Service, even after being informed of the advantages of MLS, and signs a certification to that effect.

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.

PERIODIC TENANCY
A leasehold estate which continues from period to period, such as month to month, year to year. All conditions and terms of the tenancy are carried over from period to period, and continue for an uncertain time until proper notice of termination is given.

OFFER
A promise by one party to act or perform in a specified manner provided the other party will act or perform in the manner requested.

YEAR-TO-YEAR TENANCY
A periodic tenancy in which the rent is reserved from year to year.

SETTLEMENT COST (HUD GUIDE)
HUD - published booklet that provides an overview of the lending process, and that is given to consumers after completing loan application.

GRANDFATHER CLAUSE
Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law.

HOUSING AND URBAN DEVELOPMENT
See HUD.

VA LOANS
Fixed-rate loans guaranteed by the U.S. Department of Veterans Affairs. They are designed to make housing affordable for eligible U.S. veterans. VA loans are available to veterans, reservists, active-duty personnel, and surviving spouses of veterans with 100% entitlement. Eligible veterans may be able to purchase a home with no down payment, no cash reserve, no application fee, and lower closing costs than other financing options. The maximum VA loan amount is currently $203,000.

ASSIGNMENT
The transfer of the right, title and interest in the property of one person, the assignor, to another, the assignee. In real estate, there are assignments of mortgages, contracts, agreements of sale, leases, and options, among others.

HUD-1 UNIFORM SETTLEMENT STATEMENT
A standard form which itemizes the closing costs associated with purchasing a home or refinancing a loan.