Well Fargo Home Mortgage,

PARCEL
A specific portion of a larger tract; a lot.

ANNUAL PERCENTAGE RATE
The relationship of the total Finance Charge to the total amount to be finance as required under the Federal Truth-in-Lending Law.

REDEMPTION, EQUITABLE RIGHT OF
The right of a mortgagor who has defaulted on the mortgage note to redeem or get back his title to the property by paying off the entire mortgage note prior to the foreclosure sale.

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

IMPOUND ACCOUNT
An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses impound account funds on behalf of the borrower when they become due. (Also known as Escrow Account.)

PLANNED UNIT DEVELOPMENT (PUD)
A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces.

TOWNHOUSE
A type of dwelling unit normally having two floors, with the living area and kitchen on the base floor and the bedrooms located on the second floor.

REAL PROPERTY
Land and any improvements permanently affixed to it, such as buildings.

INTEREST RATE
The annual rate of interest on the loan, expressed as a percentage of 100.

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

TIME SHARING
A modern approach to communal ownership and use of real estate which permits multiple purchasers to buy undivided interests in real property (which is usually in a resort condominium or hotel) with a right to use the facility for a fixed or variable time period.

RIGHT OF SURVIVORSHIP
The distinctive characteristic of a joint tenancy (also tenancy by entirety) by which the surviving joint tenant(s) succeeds to all right, title and interest of the deceased joint tenant without the need for probate proceedings.

CONVEYANCE
The transfer of title to real property by means of a written instrument such as a deed or an assignment of lease.

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.

CONVERSION CLAUSE
A provision in some ARMs that allows you to change an ARM to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates, and there may be a charge for the conversion feature.