A radioactive gas found in some homes that in sufficient concentrations
can cause health problems.
A fixed-rate mortgage that includes a provision that gives
the borrower a one-time option to reduce the interest rate
(without refinancing) during the early years of the mortgage
A commitment issued by a lender to a borrower or other mortgage
originator guaranteeing a specified interest rate for a specified
period of time. See lock-in.
A person licensed to negotiate and transact the sale of real
estate on behalf of the property owner.
Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders to give borrowers
advance notice of closing costs.
Land and appurtenances, including anything of a permanent
nature such as structures, trees, minerals, and the interest,
benefits, and inherent rights thereof.
A real estate broker or an associate who holds active membership
in a local real estate board that is affiliated with the National
Association of Realtors.
The cancellation or annulment of a transaction or contract
by the operation of a law or by mutual consent. Borrowers
usually have the option to cancel a refinance transaction
within three business days after it has closed.
The public official who keeps records of transactions that
affect real property in the area. Sometimes known as a "Registrar
of Deeds" or "County Clerk."
The noting in the registrars office of the details of
a properly executed legal document, such as a deed, a mortgage
note, a satisfaction of mortgage, or an extension of mortgage,
thereby making it a part of the public record.
The process of paying off one loan with the proceeds from
a new loan using the same property as security.
A mortgage created to cover the costs of repairing, improving,
and sometimes acquiring an existing property.
The amount of principal that has not yet been repaid. See
The original amortization term minus the number of payments
that have been applied.
Insurance that protects a landlord against loss of rent or
rental value due to fire or other casualty that renders the
leased premises unavailable for use and as a result of which
the tenant is excused from paying rent.
with option to buy
See lease-purchase mortgage loan.
An arrangement made to repay delinquent installments or advances.
Lenders' formal repayment plans are called "relief provisions."
A fund set aside for replacement of common property in a condominium,
PUD, or cooperative project -- particularly that which has
a short life expectancy, such as carpeting, furniture, etc.
A credit arrangement, such as a credit card, that allows a
customer to borrow against a preapproved line of credit when
purchasing goods and services. The borrower is billed for
the amount that is actually borrowed plus any interest due.
of first refusal
A provision in an agreement that requires the owner of a property
to give another party the first opportunity to purchase or
lease the property before he or she offers it for sale or
lease to others.
of ingress or egress
The right to enter or leave designated premises.
In joint tenancy, the right of survivors to acquire the interest
of a deceased joint tenant.
Housing Service (RHS)
An agency within the Department of Agriculture, which operates
principally under the Consolidated Farm and Rural Development
Act of 1921 and Title V of the Housing Act of 1949. This agency
provides financing to farmers and other qualified borrowers
buying property in rural areas who are unable to obtain loans
elsewhere. Funds are borrowed from the U.S. Treasury.