Glossary of Terms
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A release of a portion of property covered by a mortgage. A subdivider will obtain a partial release as each lot is sold, upon payment of an agreed upon amount. In areas where the subdivider is not usually the builder, it may be necessary to sell groups of lots to obtain a partial release. In areas where deeds of trust are used instead of mortgages, a "partial reconveyance" is the document used.
Mortgage securities, rather than mortgages. The advantage of the certificate is that it is readily marketable or pledgeable.
(1) Any division of real or personal property between co-owners resulting in individual ownership of the interests of each.
(2) A wall, sometimes moveable, and not load-bearing, used to divide a room or building.
A defect plainly visible or as would be discovered by the exercise of ordinary care. A patent defect in a legal description is one, which cannot be corrected on its face, and a new description must be used.
A maximum amount for a payment under an Adjustable Mortgage Loan, regardless of the increase in the interest rate. If the payment is less than the interest alone, negative amortization is created.
The payment in full of an existing loan or other lien.
An escrow, specifically for the purpose of paying off an existing lien. Usually part of an existing escrow, and called a sub escrow.
PERSONAL PROPERTY LOAN
A loan, which is secured by both real and personal property. The minimum ratio of personal to real property is set by law. The credit of the borrower is a major consideration in making the loan.
The party bringing a civil action against a defendant.
PLANNED (UNIT) DEVELOPMENT
A subdivision of five or more individually owned lots with one or more other parcels owned in common or with reciprocal rights in one or more other parcels. The lots are generally small, being the exact size of the improvements, or slightly larger.
One percent. When referring to mortgages or deeds of trust the term is used to describe the percentage of discount rather than interest (for which the word "percent" is used). The points are paid by the seller in F.H.A. and V.A. insured loans, and by either buyer or seller (or both) in conventional loans.
POSSIBILITY OF REVERTER
The term shows no estate (interest) in property but only the chance that an estate will exist at a future time. If a property were sold on the condition that it be used for a park, and, if not used for a park, would revert back to the seller, the seller would have a possibility of reverter.
POWER OF ATTORNEY
An authority by which one person (principal) enables another (attorney in fact) to act for him. (1) General power -Authorizes sale, mortgaging, etc. of all property of the principal. Invalid in some jurisdictions.(2) Special power - Specifies property, buyers, price and terms How specific it must be varies in each state.
The granting of an easement by a court, based on the presumption that a written easement was given (although none existed), after a period of open and continuous use of land.
PRIVATE MORTGAGE INSURANCE
Insurance against a loss by a lender in the event of default by a borrower (mortgagor). The insurance is similar to insurance by a governmental agency such as FHA, except that it is issued by a private insurance company. The premium is paid by the borrower and is included in the mortgage payment.
The branch of the real estate business dealing with the management of property. The property may be a rented house or a large office or industrial complex. The duties may range from merely .collecting rents to complete management of all maintenance and may also include being leasing agent or sales agent.
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