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CAPS (PAYMENT) Consumer safeguards which limit the amount monthly payments on an adjustable-rate mortgage may change. Since they do not limit the amount of interest the lender is earning, these consumer safeguards may cause negative amortization. DISTRAINT The right of a landlord, pursuant to a court order, to seize a tenants belongings for rents in arrears. TOWNSHIP A piece of property, used in the government survey system of land description, which is 6 miles square, and contains36 sections, each 1 mile square; and consists of 23,040 acres. BROKER An individual who brings buyers and sellers together and assists in negotiating contracts for a client. BILL OF SALE A written agreement by which one person sells, assigns or transfers his right to, or interest in, personal property to another. |
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