Real Estate Glossary Terms

• Conditional Commitment

  Agreement by a lender to loan money to suitable borrowers within a given time period but without identifying those borrowers. ...

• Equity Lending

  Bank financing to a homeowner based on his dollar equity in the home. The interest rate typically fluctuates such as being based on the change in the prime interest rate. Interest expense is tax deductible to the homeowner. ...

• Escalation Clause

  provision in a rental agreement or other contract that stipulates for an increase in lease payments or in a contract price if a specified uncontrollable event occurs. Provision in a loan agreement or mortgage in which the entire debt becomes immediately due upon the occurrence of an item such as mi ...

• Burglary/Theft Insurance

  Same as term Burglary Insurance: coverage against loss as the result of a burglary. Found as part of the commercial package policy that has generally replaced the special multiperil insurance (SMP) policy and the MERCANTILE OPEN STOCK BURGLARY INSURANCE policy. Covers loss of merchandise, furniture ...

• Hull Marine Insurance

  Coverage of the hull of a ship and its tackle, passenger fittings, equipment, stores, boats, and ordnance. Coverage is provided under the following types of policies: builders risk hull insurance; navigation risk insurance, and port risk insurance. ...