California Home Mortgage Loan Rate,

PRESENT VALUE OF ONE DOLLAR
A doctrine which is based on the fact that money has a time value. The present worth of a payment to be received at some time in the future is the amount of the payment less the loss of interest.

TENANT
In general, one who holds or possesses property, such as a life tenant or a tenant for years; commonly used to refer to a lessee under a lease.

FLOOR AREA RATIO
The ratio of floor area to land area expressed as a percent or decimal, which is determined by dividing the total floor area on a zoning lot by the lot area.

FEDERAL TAX LIEN
A federal lien which attaches to real property, either if the federal estate tax is not paid, or if the taxpayer has violated the federal income tax or payroll tax laws.

LAW DAY
The date an obligation becomes due; sometimes refers to the closing date.

SUBORDINATION AGREEMENT
An agreement whereby a prior mortgagee agrees to subordinate or give up their priority position to an existing or anticipated future lien.

GUARDIAN
One who is given the lawful custody and care of another(called a ward).

SURVEY
A measurement of land, prepared by a licensed surveyor, showing a property's boundaries, elevations, improvements, and relationship to surrounding tracts.

GENERAL CONTRACTOR
A construction specialist who enters into a formal construction contract with a land owner or master lessee to construct a real estate building or project.

LAW DAY
The date an obligation becomes due; sometimes refers to the closing date.

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

CHAIN OF TITLE
The chronological order of conveyance of a property from the original owner to the present owner.

COOPERATIVE OWNERSHIP
Cooperative ownership of an apartment unit means that the apartment owner has purchased shares in a corporation which holds title to the entire apartment building.

DISCRIMINATION
The act of making a distinction against or in favor of a person on the basis of the group or class to which the person belongs; the failure to treat people equally.

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

EXECUTIVE
The act of making a document legally valid, such as formalizing a contract by signing, or acknowledging and delivering a deed.

JUMBO LOAN
A mortgage larger than the $240,000 limit set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.

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