Equal Credit Opportunity Act (ECOA)
Definition of "Equal Credit Opportunity Act (ECOA)"
U.S. law making it illegal to discriminate when giving credit based on factors such as race, religion, color, age, national origin. A lender must respond to credit applications within 30 days. If the application is denied, reasons must be given. The purpose of this law was to assure that lenders would not treat one group of applicants more favorably then other group except for reasonable and justifiable business reasons. Strict rules have in all aspects of a credit transaction including that dealing with the purchase or real estate.
Popular Real Estate Terms
Identifying marker of a company. Attesting to something such as the validity of an instrument used in real estate. ...
Real estate sales contract where possession and use is provided to the buyer, but the deed is kept by the seller until the full purchase price is met whereupon the title is placed in the ...
Siding made out of aluminum, plastic derivates, or cement asbestos having ridges and valleys which is attached to the sides of buildings. ...
Also known as adjoining landowners or abutting owners, adjoining owners are property owners whose property touches a common property. The definition of adjoining property owners is those ...
Under law, a warranty in effect even if not expressly stated. It provides that real property sold is warranted to be appropriate for sale and is in proper condition even if not stated, ...
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Lease that requires periodic equal rental payments that will not charge for the term of the lease. A straight lease is also known as a flat lease. ...
Member Of the American Institute of Real Estate Appraisers. ...
Derogative term describing a high-pressure telemarketing office where sales personnel often use extremely exaggerated claims as well as intense sales practices to convince targets clients ...
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