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Home Mortgage
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Home Mortgage
Real Estate Terms of the Day for Home Mortgage
FEDERAL TRADE COMMISSION (FTC)
A federal agency created to investigate and eliminate unfair and deceptive trade practices in business.
GROSS LEASE
A lease of property under which the lessee pays a fixed rent, and the lessor pays the taxes, insurance, and other charges regularly incurred through ownership.
POINT OF BEGINNING
The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument.
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.
ASSIGNMENT
The transfer of the right, title and interest in the property of one person, the assignor, to another, the assignee. In real estate, there are assignments of mortgages, contracts, agreements of sale, leases, and options, among others.
DEPRECIATION (TAX)
For tax purposes, depreciation is an expense deduction taken for an investment in depreciable property.
ATTORNEY-IN-FACT
One who is authorized by another to act in his place under a power of attorney.
WAIVER
To voluntarily give up or surrender a right.
SURVEY
The process by which boundaries are measured and land areas are determined; the on-site measurement of lot lines, dimensions, and position of houses in a lot including the determination of any existing encroachments or easements.
ADHESION CONTRACT
A contract which is very one-sided and favors the party who drafted the document.
JURISDICTION
The authority or power to act, such as the authority of a court to hear and render a decision that binds both parties.
JUDGMENT LIEN
A lien binding on all the real estate of a judgment-debtor and giving the holder of the judgment a right to levy (i.e. to seize) the land for satisfaction of the judgment.
HUD
Housing and Urban Development. A U.S. government agency established to implement federal housing and community development programs; oversees the Federal Housing Administration.
HYPOTHECATE
To pledge specific real or personal property as security for an obligation, without surrendering possession of it.
COURTESY TO BROKERS
The practice of sharing commissions with cooperating brokers.
FRAUD
Any form of deceit, trickery, breach of confidence or misrepresentation by which one party attempts to gain some unfair or dishonest advantage over another.
PLAT
A map or a town, section, or subdivision indicating the location and boundaries of individual properties.
NULL & VOID
Having no legal force or effect; of no worth; unenforceable; not binding.
HOMEOWNER'S ASSOCIATION
A non-profit association of homeowners organized pursuant to a declaration of restrictions or protective covenants for a subdivision, a PUD, or a condominium.
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