Truth-in-Lending Act (TILA)
Also called Consumer Credit Protection Act of 1969 or Regulation Z. A federal statute protecting buyers. The key provision is that both the dollar amount of finance charges and the annual percentage rate (APR) must be disclosed before extending credit. The finance charge includes a disclosure of the following: interest, finder and origination fees, discount points, service charges, credit report fees and other charges paid by the consumer directly or incident which are imposed as an incident to the extension of credit. The regulation also applies to all advertising seeking to promote credit. This advertising is required to include specific information. The intent of Congress was to assist consumers with their credit decisions by providing them with specific required disclosure and does not attempt to establish minimum or maximum interest rates or other charges.
Popular Real Estate Terms
The interest left in an estate after all costs have been deducted. For example, if a business is willed to X for life with the balance to Y upon X's death, Y has a remainder interest. ...
Structure have two dwelling units under the same roof. Two-story apartment unit. ...
Association of people not treated as a corporation. Examples are a limited partnership and a group of cooperative owners. ...
A home seller and a home buyer agreed upon a fair market value and the deal is off to closing the sale. One of the next steps is running a title search. But what is a title ...
Privilege of a real estate investor or lender to participate in the profitability generated from property. This is in addition to any principal, interest, or dividends. ...
receiving something such as a cash payment. Written statement that something has been received such as cash, real property, or documents. The purchaser should always get a receipt. An ...
Structure not directly belonging to a property but considered a part of it through the use of an easement of common consent. ...
A form completed out by a borrower specifying personal and financial data to be considered by the lender in evaluating borrower risk. The information typically includes the following: ...
In a mortgage, a provision that allows part of the security to be released from any further lien obligations upon the borrower's making a given payment. For example, a person may get a ...
Have a question or comment?
We're here to help.