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
Permanent structure protruding from the side of a building. In addition to providing shelter, a marquee is often used as an advertising format. For example, a movie theater marquee lists ...
Combination of IRC 1034 and 121 dealing with the sale of a personal residence with the once-in-a-lifetime $125,000 exclusion that may be available for the "over-55" seller. Should the ...
Tax assessed on a transfer of property made without adequate legal consideration. This tax is based on the appraised value of the property at the time of transfer.Also, gifts of property ...
(1) Individual or business that is engaged to do some sort of construction work for another for a fee. There are basically three types of contracting: A general contractor enters into a ...
A certificate of ownership in a real estate company. Pledged assets for a borrowing. An example is an office building serving as collateral for the mortgage. Way of protecting property ...
As a suburban nation with the majority of Americans living in the suburbs, the actual classification of suburbs had long been expected. Still, recently, three academic approaches for ...
Legal record used to create a condominium. It encompasses the description of the property, common elements, ownership units, and acceptable uses of the residence. ...
A property title evidencing ownership such as provided in an abstract of title. There are no contingent liabilities or prior unresolved ownership claims. ...
The term apportionment can be easily applied to many contexts. For example, apportionment in insurance is concerned with how the loss is allocated between two or more insurance companies ...
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