Select Glossary Term: 80-10-10 ----------A---------- abstract of title abutting accelertaion clause acceptance acknowledgement acre additional principal payment adjustable rate mortgage (ARM) adjusted basis adjustment period adjustments adverse possession agency alienation Clause amenities ammendment amortization schedule annual percentage rate (APR) application application fee appraisal appraised value appreciation asking (list) price assessed value assessment assessor asset assignee assignment assumable mortgage assumption of mortgage auction ----------B---------- balloon mortgage balloon payment bankruotcy bill of sale biweekly mortgage blanket mortgage blockbusting bonus to selling agent breach of contract bridge loan broker brokerage BSTA bundle of rights buy down buyer's broker ----------C---------- calendar year cap capital gains cash out CC&R CCCS ceiling Certificate of Eligibility chain of title channeling chattel cleaning fee clear title closing closing costs closing statement cloud on title co-borrower co-op co-tenants collateral collection commingling commission common area assessments common areas common law comparables compound interest condemnation condominium condominium conversion consideration construction loan Consumer Credit Counseling Service (CCCS) contingency contract contract of sale conventional loan convertible ARM conveyance cooperative housing counter offer covenant covenants, conditions & restrictions (CC&Rs) credit credit bureau credit file credit history credit insurance credit limit credit report credit score creditor cul-de-sac ----------D---------- DBA debt debt service debt-service ratio deduction deed deed in lieu (of foreclosure) deed restrictions default delinquency delivery deposit depreciation descent devise disclosure discount points (or points) discount rate dominant tenement down payment dual agency due on sale duress ----------E---------- earnest money earnest money contract (EMC) easement easement by prescription effective interest rate egress eminent domain encroachment encumbrance endorsement Equal Credit Opportunity Act (ECOA) Equal Treatment/Different Impact equity escalator clause escheat escrow escrow account escrow analysis escrow disbursements estate eviction examination of title exception excusive right to sell (ERS) expropriation ----------F---------- Fair Credit Reporting Act Fair Housing Act & Fair Housing Amendments Act fair market value Fannie Mae Federal Deposit Insurance Corporation (FDIC) Federal Emergency Management Agency (FEMA) Federal Housing Administration fee simple fee simple estate FHA fiduciary first mortgage fixed mortgage rate fixture flood insurance flood plain For Sale By Owner (FSBO) foreclosure forfeiture fraud Freddie Mac FSBO functional obsolescence ----------G---------- gated community Ginnie Mae good faith estimate government survey method grace period grantee grantor gross debt service gross income gross lease ----------H---------- hazard insurance highest and best use hold harmless Home Equity Conversion Mortgage (HECM) home equity loan home warranty home inspection homeowners' association (HOA) homeowners' insurance house closing Housing and Urban Development, Department of (HUD) HUD ----------I---------- implied warranty of habitability improvements incidents of ownership income approach to value index ingress inspection clause insurable title interest interest rate intestate intimidation invitee ----------J---------- joint tenancy judgement judicial foreclosure jumbo loan ----------L---------- laches landlord late charge latent defect lease lease option lease purchase leasehold estate legal description lender lessee lessor leverage liabilities liability insurance lien lien theory state life cap life estate life tenant line of credit lis pendens listing agreement loan loan officer loan origination loan servicing loan-to-value ratio (LVT) lock or lock in lock-in period LTV ----------M---------- madatory continuing education (MCE) manufactured home margin market approach to value market value maturity mechanic's lien mediation metes and bounds mineral rights minimum payment minority misrepresentation modification mobile home month-to-month tenancy monument mortgage mortgage banker mortgage broker mortgage loan mortgagee mortgage insurance mortgage insurance premium mortgage life and disability insurance mortgager Multiple Listing Service (MLS) ----------N---------- negative amortization no cash-out refinance no-cost loan non-escrowing loan note note rate notice of default nuisance ----------O---------- obsolescence offer open house option option fee ordinance original principal balance origination fee owner financing ----------P---------- partial payment payment change date percentage lease periodic payment cap person personal property personalty physical deterioration PITI planned unit development (PUD) plat book points police power power of attorney (POA) pre-approval prepayment prepayment clause in a mortgage prepayment penalty pre-qualification prime rate principal principal balance private mortgage insurance (PMI) promissory note property taxes pro-rate public auction purchase agreement purchase offer ----------Q---------- qualify qualifying ratios quiet enjoyment quitclaim deed ----------R---------- rate lock ready, willing and able real estate real estate agent real estate board Real Estate Settlement Procedures Act (REPSA) real property REALTOR® realty receiver recorded plat recorder recording redlining refinance transactoin Regulation 'Z' release remainder remaining balance reserves reservation RESPA restrictions revolving debt right of first refusal right of ingress or egress right of survivorship riparian owner running with the land ----------S---------- sale-leaseback sales contract second mortgage secondary mortgage market secured loan security security deposit security interest self amortized loan servicing a loan servient tenement setback settlement statement short sale (of house) simple interest single-family home special warranty deed Statute of Frauds steering subdivision sublease subordinate financing subpoena substitution, principle of succession suit for specific performance survey sweat equity ----------T--------- taking tenancy by the entirety tenancy in common tenant tenants in common tenement term time is of the essence timeshare title title company title insurance title search title theory state town house triple net lease trustee Truth-in-Lending two-step mortgage ----------U---------- underwriting unlawful detainer usury ----------V---------- VA variable rate variance vendee vendor virtual home tour void voidable ----------W---------- waiver walk through warranty deed writ of execution ----------Z---------- zoning

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implied warranty of habitability
A legal doctrine that requires landlords to offer and maintain livable premises for their tenants. If a landlord fails to provide habitable housing, tenants in most states may legally withhold rent or take other measures, including hiring someone to fix the problem or moving out.

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improvements
Valuable additions to the land, such as buildings, fences, roads, etc., which increase the value of the property.

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incidents of ownership
Any control over property. If you give away property but keep an incident of ownership--for example, you give away an apartment building but retain the right to receive rent--then legally, no gift has been made. This distinction can be important if you're making large gifts to reduce your eventual estate tax.

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income approach to value
An estimate of value based on the monetary returns that a property can be expected to generate; capitalization. Contrast with the cost approach to value and the market approach to value.

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index
A number, usually a percentage, upon which future interest rates for adjustable rate mortgages are based.

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ingress
An entrance, or the act of entering. Compare egress.

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inspection clause
A stipulation in an offer to purchase that makes the sale contingent on the findings of a home inspector.

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insurable title
A title which a title company will insure.

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interest
(1) The sum paid in return for the use of money; could be considered rent for the use of money.
(2) The type and extent of ownership in property.

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interest rate
The periodic charge, expressed as a percentage, for use of credit.

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intestate
Legal designation of a person who has died without leaving a valid will.

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intimidation
As defined in the fair housing laws, it is the illegal act of coercing, intimidating, threatening, or interfering with a person in exercising or enjoying any right granted or protected by federal, state or local fair housing laws.

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invitee
A business guest, or someone who enters property held open to members of the public, such as a visitor to a museum. Property owners must protect invitees from dangers on the property. In an example of the perversion of legalese, social guests that you invite into your home are called "licensees."

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