Cross Tie

An upper limit on the interest rate that can be charged in a variable rate mortgage over its life. For example, a variable rate loan is initially offered at 7% loan rate, and its interest ...

Opening so that air or gas may enter or leave. For example, an air conditioner has a "vent open" or "vent closed" knob for outside air. The "vent close" switch must be on for air ...

To pass property by will to an heir. Strictly speaking, real estate cannot be bequeathed to an heir, it must be devised. However, if it becomes clear the purpose of the testator was to ...

The units are used as commercial offices. The purchaser of an office condominium owns the title to the individual office unit and not to the property. Maintenance fees are assessed to each ...

Person providing advice for compensation about real estate. ...

Expenditures incurred to develop real estate. An example is the cost to build a shopping center. ...

Person or business indirectly having an interest in an occurrence, transaction, or situation. ...

Pledge of personal property, e.g., furniture, as collateral for a note. If the debt is not paid, the holder of the mortgage will receive the mortgaged property. See also mortgage. ...

A front-end ratio is a ratio of the borrowers monthly housing expenses-including principal, interest, property taxes, and insurance (OITI)-compared to the borrowers gross, pretax monthly ...

A treasury index is an index used to determine interest-rate changes for certain adjustable-rate mortgages (ARMs). This index is based on the results of auctions the U.S. Treasury holds for ...

Not only can homeowners associations impose pet restrictions but almost 100% of them do. Here’s the thing: the job of a homeowners associations or HOA is to look at the big ...

A Buildable acre consists of 43,560 square feet of residentially designated buildable land, after excluding present and future rights-of-way, restricted hazard areas, public open spaces and ...

When a home is marked “as is”, it means the home seller will not take part on any renovations, will not fix any defects the home buyer might bump into. If the home buyer wants ...

A borrowers other debts, such as auto loans and credit cards, figured into the debt-to-income ratio. ...

Since real estate is one of the most valuable assets on Earth, architects and builders have to comply with a number of building codes, depending on the size and destination of their ...

A rate lock is a commitment issued by a lender to a homebuyer or to the mortgage broker guaranteeing a specific interest rate for a specified amount of time. ...