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Meridian
Financial
4501 E. La Palma, Suite 150
Anaheim, CA 92807
Phone: 1-866-333-1500 (Toll Free)REAL ESTATE AND MORTGAGE TERMS: D
- A set of restrictions filed by a sub divider to cover an entire tract or subdivision.
- The voluntary giving of private property to some public use by the owner, as
the dedication of land for streets, schools, etc., in a development.
- Formal written document transferring title to real estate; a new deed is used for each
transfer. The deed should contain an accurate description of the property being conveyed,
should be signed and witnessed according to the laws of the State where the property is
located, and should be delivered to the purchaser at closing day. (See also deed of trust,
general warranty deed, quitclaim deed, and special warranty deed.)
- An instrument given by the borrower to a third party (trustee) vesting title to the
property in the trustee as security for the borrower's repayment of the mortgage loan.
- The document required by the lender to be recorded along with the security instrument
for an ARM.
- Restrictions placed on use of real property by writing in a deed to control use and
occupancy of the property by future owners.
- Failure to make mortgage payments or violations other provisions of the mortgage note.
- Title to real property which lacks some of the elements necessary to transfer good
title. Title to a negotiable instrument obtained by fraud.
- Personal claim against the debtor when the sale of foreclosed property does not yield
sufficient proceeds to pay off the loan (s) and accrued interest.
- Also called Earnest Money Deposit, the deposit is money given to the seller or his agent
by the potential buyer upon the signing of the agreement of sale to show that he is
serious about buying the house. If the sale goes through, the earnest money is applied
against the down payment. If the sale does not go through, the earnest money deposit will
be forfeited to the seller unless the purchase contract expressly provides conditions for
its return to the buyer.
- Decrease in value to real property improvements due to wear and tear, adverse changes in
the neighborhood, or any other reason.
- Real Estate left by will.
- One to whom real estate is given by will.
- A testator who leaves real estate.
- A lender that can complete the processing and closing of an FHA loan without prior
approval from FHA.
- An amortized mortgage in which principal and interest are computed on the remaining
balance.
- A loan funded below par (100%). Lenders or investors will fund loans at a discount in
order increase the overall yield on the note.
- A loan funded below par (100%). Lenders or investors will fund loans at a discount in
order to increase the overall yield on the note.
- Payments made during the course of an escrow or at closing.
- Stamps affixed to a deed showing the amount of transfer tax. In Nebraska the documentary
tax is $1.75 for each thousand dollars of the selling price.
- The rights of a widow to a portion of her deceased husband's property.
- Cash to be paid by the buyer at closing to consummate a real estate transaction. Down
payment is the difference between the sales price and the mortgage amount.. Buyer cash
required at closing includes the down payment, closing costs and prepaid expenses.
- A clause in a mortgage or deed of trust which places the real estate as security for
existing debts between the parties.
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