Well Real Estate Investment Trust,

UNDERWRITING
In mortgage lending, the process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan.

GOOD WILL
An intangible, salable asset arising from the reputation of a business.

SETTLEMENT (OR CLOSING)
The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance).

COMMON AREAS
Land or improvements designated for the use and benefit of all residents, property owners and tenants.

POWER OF SALE
A clause written into a mortgage authorizing the mortgagee to sell the property in the event of default.

MORTGAGE
A legal document by which real property is pledged as security for the repayment of a loan.

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.

ATTORNMENT
The act of a tenant formally agreeing to become the tenant of a successor landlord; as in attorning to a mortgagee who has foreclosed on the leased premises.

AFFIDAVIT
A sworn statement reduced to writing and made under oath before a Notary Public or other official authorized by law to administer an oath.

WEAR AND TEAR
The gradual physical deterioration of property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable.

SEVERALTY
Sole ownership of real property.

REFINANCING
The process of paying off one loan with the proceeds from a new loan secured by the same property.

HYPOTHECATE
To pledge specific real or personal property as security for an obligation, without surrendering possession of it.

PREPAID INTEREST
The paying of interest before it is due.

TRIPLE NET LEASE
A net, net, net lease, where in addition to the stipulated rent, the lessee assumes payment of all expenses associated with the operation of the property.

FEDERAL TAX LIEN
A federal lien which attaches to real property, either if the federal estate tax is not paid, or if the taxpayer has violated the federal income tax or payroll tax laws.

DISTRAINT
The right of a landlord, pursuant to a court order, to seize a tenants belongings for rents in arrears.

SECURITY DEPOSIT
Money deposited by or for the tenant with the landlord, to be held by the landlord for the following purposes: to remedy tenant defaults for damage to the premises (be it accidental or intentional), for failure to pay rent due, or for failure to return all keys at the end of the tenancy.

BROKER
An individual who brings buyers and sellers together and assists in negotiating contracts for a client.

CANTILEVER
A projecting beam or overhanging portion supported at one end only.

FAIR MARKET VALUE
The highest monetary price which a property would bring, if offered for sale for a reasonable period of time in a competitive market, to a seller who is willing but not compelled to sell, from a buyer, willing but not compelled to buy, both parties being fully informed of all the purposes to which the property is best adapted and is capable of being used.

FINANCE FEE
A mortgage brokerage fee to cover the expenses incurred in placing the mortgage with a lending institution; a mortgage service charge or origination fee.

BALLOON MORTGAGE
Balloon mortgage loans are short-term fixed-rate loans with fixed monthly payments for a set number of years followed by one large final balloon payment ("the balloon") for all of the remainder of the principal. Typically, the balloon payment may be due at the end of 5, 7, or 10 years. Borrowers with balloon loans may have the right to refinance the loan when the balloon payment is due, but the right to refinance is not guaranteed.