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ADJUSTMENT INTERVAL On an ARM loan, the time between changes in the interest rate or monthly payment. LANDSCAPING Shrubs, bushes, trees and the like, on the grounds surrounding a structure. ABANDONMENT The voluntary surrender or relinquishment of possession of real property with the intention of terminating one's possession or interest, but without vesting this interest in any other person. HUD-1 UNIFORM SETTLEMENT STATEMENT A standard form which itemizes the closing costs associated with purchasing a home or refinancing a loan. VOID Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling)is void. |
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