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MA Real Estate

FTRS book vocabulary LMNOP

TermDefinition
Laches unreasonable delay in asserting one's rights causing the loss of such rights
Land contract typical method of financing land sales: Buyer makes down payment then monthly payments until final price is paid; buyer does not receive deed until final payment
Lease contract between lessor (landlord) and lessee (tenant) for exclusive possession of realty for specified period under specific terms after which property reverts to lessor
Leaseback the purchase of improved property and the leasing of it back to seller; creates capital and favored tax treatment for seller
Legal description method of describing property no matter where it is in the world and capable of being ascertained by survey
Leverage maximum use of borrowed money and minimum use of cash in the purchase of realty (loan to value ratio)
Lien a debt; claim against property for payment of some debt
Life estate estate or interest held during a certain person's life; non-inheritable; lowest of freehold estates
Liquidity a person's cash position
Lis pendens notice filed in a registry of deeds warning all persons that title to certain property is in litigation
Litigation a contest in court of law between two parties to determine who is in the right
Littoral shoreline of large body of water
Lot line legal line separating lot from another lot
Market data approach to value by which valuation of a property is based on comparison with previously sold properties with similar characteristic; also known as sales comparison approach
Market value price for which realty can be sold on open market if there is willing seller and buyer and a reasonable time to make a sale
Marketable title title which buyer would accept as being good performance on part of seller;a good deed by grantor
Master deed basic title document in creation of condominium; it defines individual fee units and common interest
Mechanic's lien a statutory lien on a specific property for labor and material contributed t a work of improvement of realty
Meeting of minds an offer and acceptance; an agreement or contract
Metes and bounds boundaries of land described in directions and distances
Mile 5,280 feet
Modular home homes whose components are manufactured in a factory, and are later assembled on site
Monument a visible marker, natural or artificial used to establish land boundary
Moratorium action by governments temporarily halting public activities such as a "freeze" on apartment construction
Mortgage a legal instrument conveying conditional title to lender in order to secure the repayment of the debt described in the note
Mortgage commitment a written notice from lender promising a future loan under certain conditions and terms
Mortgage broker a party who, for a fee, brings together an investor and borrower
Mortgagee the lender
Mortgagee-in-possession lender takes possession of property from defaulted party and collects income from lessees pending foreclosure
Mortgagor the borrower
Municipal lien certificate a document from municipality to ascertain status of taxes, water, sewerage, betterments, etc; a required document at closing of title
National Association of Realtors (NAR) a national private trade association with state and local chapters. Members are able to refer to themselves as Realtors. Does not have any official capacity in lawmaking or licensing
Necessaries essentials of existence: food, clothing, shelter
Negative Amortization unpaid interest is addedon to the principal amount owed
Net income also known as the net operating income (N.O.I.); effective gross income minus operating expenses and property taxes
Net listing a fixed, specified price below which owner will not sell and at which broker receives no commission; broker receives everything over fixed price; illegal
Net worth value left after liabilities are deducted from assets
Nominal consideration something of value bearing no relation to real value
Non-conforming use a legal use that was in existence prior to current zoning which may continue to exist
Note promissory instrument given by borrower to lender as evidence of debt, I.O.U.
Novation substitution of old obligation for a new one
Obsolescence loss of value from any source other than wear and tear
Offer statement of intent by offeror; Acceptance is the statement of intent to accept offer by offeree
Open-end mortgage borrower may reborrow up to the original loan; also known as a home equity line of credit
Open listing any hired broker can sell property for a commission but if owner sells,no commission payable
Open mortgage a mortgage that has matured or is overdue and subject to foreclosure
Option a contract between owner and potential buyer or lessee to buy or lease in future at specified terms; the person giving consideration is the optionee
Ordinance law by local government body
Overt openly known
Ownership title; an estate in realty to the exclusion of others
Package mortgage a loan secured by a mortgage both on real and personal property
Parol oral, as distinguished from written
Partition a legal action (e.g. lawsuit) to divide co-owned realty
Party wall wall or fence on common boundary for benefit of both parties; both parties are responsible for maintenance
Percentage lease a lease
Percolation test a soil test designed to measure rate of water absorption and drainage such as for septic systems
Physical depreciation loss in value resulting from wear and tear
Planned unit development a housing concept with high density of dwellings with maximum open spaces
Plat a plan or map of a parcel, such as one showing the various lots of a proposed subdivision
Plat book public record or recorded plans or maps
Plot plan a diagram showing the existing or proposed use of parcel of land. This will show improvements on land
Plottage-value increase in the value of land by assemblage of smaller lots into one ownership; known as plottage increment
Points one-time charge by lender to increase yield on investment; paid at passing; one-point equals 1% of loan amount
Point of beginning (P.O.B.) the starting point in a metes and bound description of property, either from a monument or a reference point on the street; the description begins and ends at the P.O.B.
Police power right of government to enact laws (e.g. building codes, zoning bylaws, license laws) in the public interest or for the public welfare
Power of attorney written instrument authorizing another to act in his/her place; person given power is attorney-in-fact
Prepayment penalty penalty for pay-off of loan before maturity date
Prescription a method of obtaining an easement by adverse use for a period of years (20). hostile to owner's whishes
Primary mortgage market market where loans are made directly to borrowers
Private restriction a restriction placed on realty by grantor (seller) at time of sale imposed on immediate and subsequent owners
Prima facie on first view; on face of it; an obvious fact
Prime rate lowest interest rate charged by commercial banks to most creditworthy customers; the discount rate is rate charged to these banks by Federal Reserve, and the fed fund rate is the rate at which banks borrow from each other
Pro forma statement a projection of future income and expenses
Procuring cause the effort of broker who produced a ready willing and able buyer
Promulgate to publish or make known such as license law
Prorate term used to describe proportional adjustments of monies between seller and buyer at closing such as fuel, rents, etc
Prospectus an advertisement to set forth objects and nature of a particular offering to the public with invitation to buy
Public restriction government law or regulation restricting the use of real estate
Puffing an exaggeration made by salesperson or found in an advertisement that concerns the quality of goods offered for sale
Purchase money mortgage (PMM) a.k.a. seller financing. As part payment of purchase price, the buyer (grantee) gives a Note and mortgage Deed back to seller.
Created by: vele