Real Estate Investment Strategy,

BOOT
Money or other property given to make up any difference in value or equity between two exchanged properties.

SHOPPING CENTER
A modern classification of retail stores, characterized by off-street parking and clusters of stores, subject to a uniform development plan, and usually with careful analysis given to the proper merchant mix.

RESTRICTIVE COVENANT
A private agreement, usually contained in a deed, which restricts the use and occupancy of real property.

MORTGAGEE
The one who receives and holds a mortgage as security for a debt; the lender; a lender or creditor who holds a mortgage as security for payment of an obligation.

GRADUATED RENTAL LEASE
A lease in which the rent payments commence at a fixed, often low rate, but "step up" or increase at set intervals as the lease term matures.

DOUBLE ESCROW
An escrow set up to handle the concurrent sale of one property and purchase of another property by same party.

BOOT
Money or other property given to make up any difference in value or equity between two exchanged properties.

CLOUD ON TITLE
Any document, claim, unreleased lien or encumbrance which many impair or injure the title to property or make the title doubtful because of its apparent or possible validity.

FINANCE CHARGE
The total of all costs imposed directly or indirectly by the creditor and payable either directly or indirectly by the customer, as defined under the federal Truth-in-Lending Law.

AIR RIGHTS
The rights to the use of the open space or vertical plane above a property. Ownership of the land includes the right to all air above the property.

NON-ASSUMPTION CLAUSE
A statement in a mortgage contract forbidding the assumption of the mortgage by another borrower without the prior approval of the lender.

ESCHEAT
The reversion of property to the state when a decedent dies intestate and there are no heirs capable of inheriting, or when the property is abandoned.

APPLICATION
An initial statement of personal and financial information required to apply for a loan.

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.

USURY
Interest charged in excess of the legal rate established by law.

BUNDLE OF RIGHTS
An ownership concept describing all those legal rights which attach to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc.

FREE AND CLEAR TITLE
Title to real property which is absolute and unencumbered by any liens, mortgages, clouds or other encumbrances.

BASE LINE AND MERIDIAN
An imaginary set of lines used by surveyors to locate and describe land under the Rectangular Survey Method of property description used in most mainland states.

JUMBO LOAN
A mortgage larger than the $240,000 limit set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.

PRO FORMA STATEMENT
A projection of future income and expenses.

RESTRICTIVE COVENANT
A private agreement, usually contained in a deed, which restricts the use and occupancy of real property.

DELINQUENCY
Failure to make payments as agreed in the loan agreement.

TAKE-OUT FINANCING
Long-term permanent financing.

SCHEMATICS
Preliminary architectural drawings and sketches; basic layouts not containing the final details of design.

GROSS AREA
The total floor area of a building measured from the exterior of the walls (excluding those unenclosed).

EASEMENT
A property interest which one person has in land owned by another entitling the holder of the interest to limited use or enjoyment of the other's land.