Same as term Veterans Administration Mortgage: Mortgage guaranteed up to 30 years by the Veterans Administration to veterans meeting minimum requirements. Originally established by the Servicemen's Readjustment Act of 1944, amended provisions state the maximum guaranteed mortgage amounts and interest than can be charged. There are no provisions on the loan to property value permitting qualified veterans to obtain 100% financing, although some mortgagees will independently establish loan limits. A borrower must receive a certificate of eligibility and the property to be mortgaged must also have a certificate of reasonable value. A veterans administration mortgage is assumable, mortgagees cannot have prepayment mortgage penalties and only one point can be charged.
Popular Real Estate Terms
Value is exchanged by the parties to an agreement involving current or future performance making it legally enforceable. Without reasonable consideration for performance, the contract may ...
An individual's option to fairly utilize another's property. An example is privileges under an easement. For example, a person receives permission to use a lake on the private property of ...
Assures that the title is free of any legal claims including encumbrances. It includes covenants of seizin, freedom from encumbrance, express warranties of title, right to quiet enjoyment, ...
tenancy having no written lease or contract. A periodic tenancy can be on a month-to-month or week-t-week basis. ...
Raw land in its natural condition which has in no way been improved. ...
Same as term real estate investment trust (REIT): Type of investment company that invests money in mortgages and various types of investment in real estate, in order to earn profits for ...
When a property owner defaults on his or her tax payments, the taxing jurisdiction may force a liquidation of the property or tax sale for the purpose of collecting the owed real estate ...
Same as term spot zoning: Zoning a portion of land in a given area for different purposes than its surrounding functions. For example, a locality may decide to spot zone a vacant lot in a ...
Span of time a rental agreement is free to the occupant. A landlord may offer this as an incentive to stimulate rentals. For example, an owner of an office building may provide a free ...
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