Defeasance Clause

Established federal, state or local structural building requirements that have to be adhered to so as to receive certification by the government authority. Housing code enforcement is ...

Street having access only at one end and terminating with a circular turnaround area. The circular area permits automobiles to exit the street without having to use a home's driveway to ...

Named after Sir Robert Torrens, a British administrator in Australia. The torrens system is a state-sponsored system of land title registration, not applicable in states, such as California. ...

Ask Price is the initial listed price for a piece of real estate.It’s important to understand that, in the real estate world, there’s no such thing as a fixed price when buying ...

Price of a bond or note plus accrued interest. ...

Subordinate lien to a previous lien. Generally attached after a previous, and therefore senior, lien has been attached to property. In the event of a foreclosure action where there are ...

Initial or senior mortgage on property. It comes before all subsequent mortgages, and the mortgage has precedence in payment if default occurs. ...

A bilateral contract is a pretty straightforward term. No horseplay there. It’s a legal agreement between two individuals who both agree to do (or not to do) a specific act. The ...

Developed by a successful management consultant in the ‘60s named Albert S. Humphery, the SWOT analysis is still in use today at management level. It starts with a goal in mind, a ...

A limit on an adjustable-rate mortgage. ...

Are you wondering what is the difference between being prequalified and preapproved for a loan? Do you always get confused because they seem pretty much the same thing, right? But there is ...

Are you confused because you can never tell what is the difference between an apartment and a flat? Don’t feel bad about it. Everyone has this doubt. And, to be honest, ...

Wondering how to calculate the fair market value of a property? It helps if you understand that it’s all about an estimate; you’ll hardly bull’s-eye-it. Fair market ...

A lock in guarantees a certain interest rate for a certain period of time. ...

A commitment letter is a formal offer of a loan by a lender. The letter states the terms under which the lender has agreed to the loan. ...

An index is an economic indicator used to set the rate for adjustable-rate mortgages. ...