Home Mortgage Loan California,

FINANCE FEE
A mortgage brokerage fee to cover the expenses incurred in placing the mortgage with a lending institution; a mortgage service charge or origination fee.

ADVERSE POSSESSION
The acquiring of title to real property owned by someone else, by means of open, notorious and continuous possession for the statutory period of time (20 years in Hawaii).

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

ERRORS AND OMISSIONS INSURANCE
A form of insurance which covers liabilities for errors, mistakes and negligence in the usual listing and selling activities of a real estate office or escrow company.

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

PROBATE
The formal judicial proceeding to prove or confirm the validity of a will. The will is presented to the probate court, and creditors and interested parties are notified to present their claims or to show cause why the provisions of the will should not be enforced by the court.

LANDMARK
A stake, stream, cliff, monument or other object or feature which is used to fix or define land boundaries; also a prominent feature of a landscape or property that is the symbol for the place.

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.

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

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.

STRAIGHT NOTE
A promissory note evidencing a loan in which "interest only" payments are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity.

AIR RIGHTS
The rights to the use of the open space or vertical plane above a property. Ownership of the land includes the right to all air above the property.

FREE AND CLEAR TITLE
Title to real property which is absolute and unencumbered by any liens, mortgages, clouds or other encumbrances.

SECURITY DEPOSIT
Money deposited by or for the tenant with the landlord, to be held by the landlord for the following purposes: to remedy tenant defaults for damage to the premises (be it accidental or intentional), for failure to pay rent due, or for failure to return all keys at the end of the tenancy.

VARIANCE
Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws.

SECOND MORTGAGE
A mortgage which is junior or subordinate to a first mortgage; typically, an additional loan imposed on top of the first mortgage, which is taken out when the borrower needs more money.

BOUNDARIES
The perimeters or limits of a parcel of land as fixed by legal description which is usually a metes and bounds description.