Disney Estate Information Investment Real,

UNILATERAL CONTRACT
A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer.

LAND, TENEMENTS AND HEREDITAMENTS
A feudal phrase used to describe all types of immovable realty including the land, buildings and all appurtenant rights thereto.

DUE-ON-SALE CLAUSE
Provision in a mortgage or deed of trust allowing the lender to demand immediate payment of the loan balance upon sale of the property.

YIELD
The return on an investment or the amount of profit, stated as a percentage of the amount invested.

TAX SALE
Public sale of property by a government authority as a result of non-payment of taxes.

CONFORMING LOAN
A mortgage loan which meets all requirements to be eligible for purchase by federal agencies such as FNMA and FHLMC. The maximum conforming loan amount is $240,000 for a one-unit property.

VENDEE
The purchaser of realty; the buyer. The buyer under an agreement of sale.

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.

FARM AREA
A selected geographical area or one specific building to which a real estate salesperson devotes special attention and study.

DEED OF TRUST
A legal document in which title to property is transferred to a third party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary(lender).

SETTLEMENT COST (HUD GUIDE)
HUD - published booklet that provides an overview of the lending process, and that is given to consumers after completing loan application.

RESTRICTIONS
Limitations on the use of property. Private restrictions are created by means of restrictive covenants written into real property instruments, such as deeds and leases.

PRE-APPROVAL
The process of determining how much money a prospective homebuyer or refinancer will be eligible to borrow prior to application for a loan. A pre-approval includes a preliminary screening of a borrower's credit history. Information submitted during pre-approval is subject to verification at application.

FILLED LAND
An area where the grade has been raised by depositing or dumping dirt, gravel or lava rock.

COURTESY TO BROKERS
The practice of sharing commissions with cooperating brokers.

POWER OF ATTORNEY
A written instrument authorizing a person(the attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument.

COVENANTS RUNNING WITH THE LAND
Covenants which become part of the property and benefit or bind successive owners of the property.

MULTIPLE LISTING SERVICE (MLS)
An organization created by Realtors to facilitate the sharing of listings among member brokers.

DEPTH TABLE
Tables of percentage designed to provide a uniform system of measuring the additional value to lots which accrues because of added depth, with the extra depth valued according to the added utility which it creates.

NOTICE OF DEFAULT
A notice to a defaulting party that there has been a default, usually providing a grace period in which to cure the default.

COLOR OF TITLE
A condition which has the appearance of good title, but which in fact is not valid title, as where title is founded on some written document which on its face appears valid and effective, but which is actually invalid.

COURTESY TO BROKERS
The practice of sharing commissions with cooperating brokers.

BUILDING PERMIT
A written permission granted by the County Building Department and required prior to beginning the construction of a new building or other improvement (including fences, fence walls, retaining walls and swimming pools).

OPERATING EXPENSES
Those periodic and necessary expenses which are essential to the continuous operation and maintenance of a property.

CHAIN OF TITLE
The recorded history of matters which affect the title to a specific parcel of real property, such as ownership, encumbrances and liens, usually beginning with the original recorded source of the title.

MORTGAGOR
The one who gives a mortgage as security for a debt; the borrower; usually the landowner; the borrower or debtor who hypothecates or puts up his property as security for an obligation.