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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: L
- In a legal sense, the solid part of the surface of the earth, as distinguished from
water; any ground, soil or earth whatsoever regarded as the subject of ownership and
everything annexed to it, whether by nature, e.g., trees and everything in or on it, such
as minerals and running water, or annexed to it by man; e.g., buildings, fences, etc. In
an economic sense, land consists of all those elements in the wealth of a nation which is
supposed to be furnished by nature as distinguished from those improvements which owe
their value to the labor and organizing power of man.
- Installment plan for buying a house. It is used as an alternative to obtaining a loan
from a traditional, source such as a mortgage banker or savings and loan.
- A penalty for failure to pay an installment on time.
- Hidden structural defect.
- A lease under which the lessee has the right to purchase the property. The option may
run for the length of the lease or only for a portion of the lease period.
- An expanded and unique description of a property that is used on legal documents, such
as deeds and deeds of trust. Recorded documents generally require a legal description.
- A general term encompassing all mortgages, and beneficiaries under deeds of trust.
- A document that lenders prepare for the closing agent that outlines the requirements for
loan closing.
- One who possesses the right to use or occupy a property under lease agreement.
- One who holds title to and conveys the right to use and occupy a property under lease
agreement.
- A formal method of stating that a prospective developer, buyer or lessee is interested
in property.
- An encumbrance against property for the payment of debt; a lien may be a mechanic's
lien, mortgage, unpaid taxes or judgment.
- An estate in real property for the life of a living person. The estate then reverts back
to the grantor or to a third party.
- A partnership consisting of one or more general partners who conduct the business and
are responsible for losses, and one or more special partners, who contributes capital and
are liable only to the amount contributed.
- A public notice that litigation is pending on a property.
- A record of property for sale by a broker who has been authorized by the owner to sell.
Also used to denote the property so listed.
- Agreement between a property owner and a real estate broker, authorizing the broker to
find a buyer for the property. If the sale is consummated, the listing broker will be paid
a fee.
- Fees that borrowers pay (sometimes seller will pay for borrower) that adjust to the
yield requirement of the investor. Loan discount denotes an investor yield requirement
higher than the note rate. Loan premium denotes an investor yield requirement lower than
the note rate.
- Guarantee from a lender that a borrower will receive the interest rate in effect at the
time of loan application.
- A person that helps borrowers through the loan selection, processing, and closing of a
mortgage loan. Loan officers can be paid a commission or salary for their services and can
work for mortgage brokers, mortgage bankers, or depository institutions.
- The cost to obtain a loan that is paid to the originating lender or broker.
- The information regarding a borrower and property necessary which is the basis for a
lender's credit decision to extend or deny credit.
- The amount of a loan to the value or selling price of real property.
- The function of collecting loan payments, managing the property tax and insurance
escrows, foreclosing on defaulted loans and remitting payments to the
investor/beneficiary.
- The ratio of the mortgage loan amount to the property's appraised value or selling
price, whichever is less.
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