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Real Estate
| Term | Definition |
|---|---|
| Dual Agent | Agent who helps both the buyer as well as the seller. |
| Rversion | Possession reverts back to a landlord at end of a lease. |
| Demise | Term for transfer of possession through lease, tenant will get quiet enjoyment. |
| Quiet Enjoyment | Tenant will enjoy use of premises in peace without disturbance or interference. |
| Lease option | May be used by buyer with poor credit or who lacks down payment. |
| Trade Fixture | Commerical tenants personal property. |
| Estate at will | Tenant is given implied consent to occupy for indefinite period of time. |
| Estate from period to period | rent like an apartment month to month for an indefinite amount of time. |
| Estate at sufferance | Tenant acquires lawful possession, but remains after expiration . |
| Gross Lease | Tenant pays set rent amount, landlord pays taxes, insurance, maintenance |
| Net Lease | Lanlord charges net amount of rent, tenant pays major expenses, most common commercial lease. |
| Percentage lease | Lanlord charges fixed rent plus percentage of lesse's gross business sales. |
| Ground lease | Lease of vacant land, forest land, land used for farming,. |
| Section 8 housing | HUD program designed to help low income families through rent subsidies to rent property. |
| License law | Leasing or renting, or offering to lease rent, of real property. |
| The management agreement | Services must be delivered according the property management employment contact. |
| Appreciation | An increase on of value of an asset over time. |
| Equity | Difference between market value and indebt ness at a given point in time. |
| Predatory application | Is illegal if involves appraisal fraud, mortgage fraud, or misrepresentation fraud. |
| Taxation | Property taxes are due regardless if a property is financed or not. |
| Property tax | Fee levied on value of real estate property owned by tax payer. |
| Ad valorem | Taxes charged by assessor Latin word. |
| Millage | One mill, 1/1000 of dollar. |
| Special assessment | Tas assessed to property for particular improvement , sidewalk, lighting, sewers, can result in foreclosure. |
| Basis | Original purchase price. |
| Title theory | Delivery of mortgage conveys conditional title to property, on default, lender is the new owner. |
| Lien theory | Mortgage gives lender lien right in property, mortgagor-borrower- retains title, Michigan is lien theory state. |
| Acceleration of the debt | Lender accelerates the entire principal balance upon occurrence of triggering event. |
| Amorititzation | Repayment of loan over period of time, loan payments are commonly budgeted to include principal, interest,, taxes and insurance. |
| Points | One time lender charge at origination, 1 of loan amount paid by borrower. |
| Discount points | When loan is sold in secondary market purchasing lender may discount amount it pays using points |
| Subject to mortgage | New buy agrees to take property subject to lien but does not formally agree to pay debt. |
| Novation | Release liability, if granted only buyer is liable for deficiency. |
| Deed of trust | FINANCE INSTRUMENT WHERE LEGAL TITLE IS CONVEYED TO TRUSTEE TO SECURE LOAN PAYMENT, |
| Land contract | Seller financing option, buyer pays down payment and repays balance in installments aka contract for a deed. |
| Vendor | Seller |
| Vendee | Buyer |
| Short sale | Mortgagor allows sale of upside down mortgage at fair market value. |
| Predatory loan products | Defined as unfair, deceptive, fraudulent,, high risk loan No income verification |
| Subprime loan | Mortgage issued to home buyer with credit rating usually come with higher interest rates. |
| LTV | Loan to value ratio-Relationship between loan amount borrowed and property's appraised value. |
| PMI | Private mortgage insurance - Insurance that protects lender who increases LTV to reduce down payment. |
| Amortized loan | Repayment of loan over time in periodic payments, majority of real estate. |
| Reverse mortgage | Homeowner borrows against equity in home and receives loan amount at death or sale of home. |
| Bridge loan | Short term loan issued until permanent financing can be obtained. |
| Usury laws | Involves lending at high or excessive interest rates,. |
| Protected classes under federal law | Race, color, religion, national origin, sex |
| Blockbusting | Attempt to induce person to sell based on representation of entry of protected class member into neighborhood , panic peddling. |
| Steering | Directing, channeling, diverting person into or away from area based on being or not being a protected class. |
| Easement | Another form of interest in a property. |
| Easement appurtenant | One property contains the easement while the other benefits from the neighboring property. |
| Encroachment | Illegal intrusion that invades a property of another. |
| Lis pendens | A formal legal notice pf a pending lawsuit. |
Created by:
cs1984