Savings And Loan Association
Definition of "Savings and loan association"
Financial institution that channels the savings of its depositors mostly into mortgage and home improvement loans. It concentrates on originating , servicing, and holding mortgage loans. Traditionally, they have been the largest supplier of single-family owner-occupied residential permanent financing, although S&Ls are not limited solely to this type of financing. Savings and loan associations also make home-improvement loans and loans to investors for apartments, industrial property, and commercial real estate. Approximately 40% of the S&Ls are federally chartered, the rest are state chartered. If federal, the association must be a member of the Federal Home Loan Bank System (FHLBS), and its funds must be insured by the Federal Savings and Loan Insurance Corporation (FSLIC). All federally chartered S&Ls are mutually owned and the word 'federal' must appear in their title. State chartered S&Ls can be either mutually owned or stock associations. They have optional membership in both the FHLBS and the FSLIC. In some states, these lenders are known as building and loan associations or cooperative banks.
Popular Real Estate Terms
In real estate, the term "preamble" refers to an introductory statement that outlines the fundamental principles and goals guiding the industry's practices. Specifically, in the National ...
Transfer of both real and personal property. An example is the sale of a home with personal belongings. Putting together a group of property to be sold together, perhaps at a discount ...
Absence of a personal liability such as when a creditor may seize an office building used as security for the obligation but cannot attach any other assets of the debtor. ...
Same as term nonconforming use: Property use which is in violation of the current zoning ordinance, but had been in use prior to the zoning ordinance's enactment. A nonconforming use is ...
Provision in a lease agreement allowing the landlord to raise the rental to take into account inflation, higher upkeep costs, and higher interest rates. An index may be used such as the ...
To understand what a principal broker is, we have to go back up the family tree of real estate.You do understand all brokers can be real estate agents, but not every real estate agent can ...
An agreement specified in the lease providing the tenant the option to renew the lease for a given time period upon the expiration of the initial lease. Most lease options include the ...
Siding made out of aluminum, plastic derivates, or cement asbestos having ridges and valleys which is attached to the sides of buildings. ...
Corporation whose stockholders are taxed as partners. That is, income is taxed as direct income to the shareholders. The key advantage of this tax treatment is that shareholders escape ...
Have a question or comment?
We're here to help.