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
Certification granted by the Realtors National Marketing Institute, which is affiliated with the National Association of Realtors. ...
The process of upgrading unusable land through making physical improvements. For example, swamp land can be drained and filled in order to make it usable. Barren land can be reforested by ...
To enter illegally. For example, entering property without permission. ...
In land surveying, the point al which two properties intersect constituting a boundary line between the properties. A corner can be determined by either a survey or general agreement ...
Having two families live in a residence designed for only one family. This violates single-family residence zoning. ...
Storage of inactive items, including automobiles, for a certain period. Normally, a storage facility, charging a fee, provides dead storage of items. To prevent deterioration, dead ...
An agreement in which the trustee takes title of the property ( called corpus) owned by the grantor (donor) to protect or conserve it for either the grantor or the trust's beneficiary. The ...
Power of attorney giving permission for a lawyer to represent a client. ...
Transfer of title based on a preceding title transfer of conveyance. A derivative conveyance increases, ratifies, moderates, renews or transfers the stake created by the original ...
Have a question or comment?
We're here to help.