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INVERSE CONDEMNATION
An action for "just compensation "brought by one whose property has been effectively "taken" or substantially interfered with or taken without just compensation

APR
See Annual Percentage Rate.

NOTICE OF DEFAULT
Written notice to a borrower that a default has occurred and that legal action may be taken.

APPRAISAL
A written estimate of a property's current market value completed by an impartial party with knowledge of real estate markets.

PARTITION
The dividing of common interests in real property owned jointly by two or more persons.

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.

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA, OR FANNIE MAE)
This agency buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.

DESCRIPTION
The portion of a conveyance document which defines the property being transferred.

REALTY
Land and everything permanently affixed thereto.

BUFFER ZONE
A strip of land separating one parcel from another.

ACCEPTANCE
The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer.

WASTE
An improper use or abuse of property by one in possession of land, who holds less than the fee ownership, such as a tenant, life tenant, mortgagor, or vendee.

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.

COFI
See Cost of Funds Index.

TENANCY IN COMMON
A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property; frequently found when the parties acquire title by descent or by will.

TAX SHELTER
A phrase often used to describe some of the tax advantages of real estate investment, such as deductions for depreciation, interest, taxes, etc., which may offset the investor's other ordinary income to reduce the investor's overall tax payment.

INSPECTION
A visit to and review of the premises. A prudent purchaser of property always inspects the premises before closing.

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.

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.

PACKAGE MORTGAGE
A method of financing in which the loan that finances the purchase of a home also finances the purchase of personal items such as a washer and dryer, refrigerator, stove and other specified appliances.

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