Second Mortgage Home Loan,

TENANCY IN COMMON
A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property; frequently found when the parties acquire title by descent or by will.

FIRM COMMITMENT
A definite undertaking by a lender to loan a set amount of money at a specified interest rate for a certain term.

WAREHOUSE
A building used to store merchandise and other materials or equipment.

ATTORNEY-IN-FACT
One who is authorized by another to act in his place under a power of attorney.

BASIS
The financial interest which IRS attributes to the owner of an asset for purposes of determining annual depreciation and gain or loss on sale of the asset.

SETTLEMENT (OR CLOSING)
The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance).

VARIABLE RATE
Interest rate that changes periodically in relation to an index.

TRADE FIXTURES
Articles of personal property annexed to leased premises by the tenant, as a necessary part of the tenant's trade or business.

INJUNCTION
A legal action which forbids a party defendant from doing some act; it requires a person to whom it is directed to refrain from doing a particular thing.

CAPITAL GAIN
The taxable profit derived from the sale of a capital asset.

FNMA
See Federal National Mortgage Association.

PLOTTAGE
The merging or consolidating of adjacent lots into one larger lot, with the consequent result of improved usability and increased value; also called assemblage.

PERCENTAGE LEASE
A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises.

PRE-QUALIFICATION
The process of determining how much money a prospective homebuyer will be eligible to borrow prior to application for a loan. Information submitted during pre-qualification is subject to verification at application.

REFINANCING
The process of paying off one loan with the proceeds from a new loan secured by the same 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.

KEY LOT
A lot that has added value because of its strategic location, especially where it is needed for the highest and best use of contiguous property.

NONCONFORMING USE
A permitted use which was lawfully established and maintained but which no longer conforms to the current use regulations because of a change in the zoning.

TITLE SEARCH
Examination of municipal records to ensure that the seller is the legal owner of a property and that there are no liens or other claims against the property.

RAW LAND
Unimproved land; land in its unused natural state prior to the construction of improvements such as streets, lighting, sewers, and the like.

CEILING
The maximum allowable interest rate of an adjustable rate mortgage.

OFFSITE COSTS
Costs such as for sewers, streets, utilities, etc., which are incurred in the development of raw land, but are not connected with the actual construction of the buildings(onsite costs).

PLAT
A map or a town, section, or subdivision indicating the location and boundaries of individual properties.

LAND LEASEBACK
A creative financing device often used with raw land which a developer wants to improve, in which the developer sells the land to an investor who leases the land back to the developer under a long-term net lease and subordinates his fee ownership to the lender providing development financing.

INDEPENDENT CONTRACTOR
One who is retained to perform a certain act, but who is subject to the control and direction of another only as to the end result and not as how he performs the act. The critical feature, and what distinguishes an independent contractor and an employee or agent, is the right to control.

ASSUMPTION OF MORTGAGE
The act of acquiring title to property which has an existing mortgage on it and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.