District Of Columbia Home Mortgage,

TAX LIEN
Claim against a property for unpaid taxes.

PREPAYMENT PENALTY
Fee charged by a lender for a loan paid off in advance of the contractual due date.

CONTINGENCY
A condition which must be satisfied before a contract is legally binding.

ARM
See Adjustable Rate Mortgage Loans.

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

OPEN HOUSE
The common real estate practice of showing a listed home to the public during established hours, frequently on Sunday afternoons.

COMMITMENT
A promise to lend and a statement by the lender of the terms and conditions under which a loan is made.

SEVERALTY
Sole ownership of real property.

BROKER
One who acts as an intermediary between parties to a transaction. A real estate broker is a properly licensed person who, for a valuable consideration, serves as an agent to others to facilitate the sale or lease of real property.

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.

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

ZONING ORDINANCES (OR ZONING REGULATIONS)
Local law establishing building codes and usage regulations for properties in a specified area.

JURISDICTION
The authority or power to act, such as the authority of a court to hear and render a decision that binds both parties.

DURESS
Unlawful constraint or action exercised upon a person whereby he is forced to perform some act against his will. A contract entered into under duress is void.

KICKERS
Different types of equity participation a lender may seek as a condition for lending money, such as participation in rentals, profits, or extra interest.

PRESCRIPTION
The acquiring of a right in property, usually in the form of an intangible property right such as an easement or right-of-way, by means of adverse use of property that is continuous and uninterrupted for the prescriptive period.

COMMITMENT
A pledge or promise to do a certain act, such as the promise of a lending institution to loan a certain amount of money at a fixed rate of interest to a qualified buyer, provided the loan is obtained on or before a certain date.