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
Inverted gable roof design where the two side slope upward from the center to the eaves with a valley in the middle. The roof resembles the wings of a butterfly, hence, the name. ...
Deed used to convey property back to the original property owner. Normally a reconveyance deed is issued upon the satisfaction of a property's mortgage. ...
Law enacted by a local authority applicable to the action of people or things. An example is a fine of $5,000 for littering vacant real estate. ...
Generic name given for any association of property owners sharing an interest in commonly owned property. Community associations may be developed in condominium, cooperative, or housing ...
Gentrification is an urban development phenomenon wherein a specific area changes its population profile by way of an economic appreciation of its real estate. The best way to understand ...
Funds that are retained in an account until a certain event occurs. For example, a downpayment on a contract held until full payment is received whereupon the holding funds are credited to ...
The largest financial intermediaries directly involved in the financing of real estate. Commercial banks act as lenders for a multitude of loans. While they occasionally provide financing ...
Using beams on an interim basis while a structure is being built. Reinforcing a building with supports. A property. ...
All the costs involved in constructing a development project including the cost of acquiring a parcel of land, paying for contractors labor, materials as well as taxes and development loan ...
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