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
(1) Government seizes private property, but does not provide fair and reasonable compensation for it. (2) Property is seized and the owners rights abolished because of a legal violation. ...
Estimated price at which a partner in a partnership can buy out another partner. There are several methods for developing a buy-out estimate including market comparisons, appraisals, or ...
Tax concept whereby income not actually received is considered to be constructively received by a taxpayer and thus must be reported. ...
The bonus depreciation definition refers to a tax incentive that allows a business to accelerate the depreciation deduction in the year when the asset is purchased and placed into use. The ...
Contractual clause freeing a party from personal liability. Foe example, an exculpatory clause in a mortgage agreement provides a mortgagor the ability to surrender a mortgage property in ...
Board behind steps or stair going upward. ...
Ownership by two or more persons that give the right to use the entire property. ...
Ambiguous contractual language that may result in an unsuspecting buyer of a real property incurring obligations or risks not clearly evident. ...
Notice of a pending suit; a public notice given to prospective purchasers and any one else considering an interest in property that the title is being legally challenged, and the outcome is ...
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