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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: S
- See agreement of sale.
- Document issued by mortgagee when the mortgage is paid off.
- Commonly known as a vacation home. This home is not rented and is occupied occasionally
by the owners.
- A loan secured by a mortgage or trust deed, which lien is junior to another mortgage or
trust deed.
- The buying and selling of mortgage notes between sophisticated investors such as pension
funds, commercial banks, savings and loans and wall street firms.
- An entity, such as FNMA or FHLMC, that buys mortgage loans for investment or sells them
again to another secondary market investor. Secondary market investors do not service
loans and do not collect payments from borrowers.
- The buying and selling of first mortgages of trust deeds by banks, insurance companies,
government agencies, and other mortgagers.
- Real or personal property pledged by a borrower as additional protection for the
lender's interest.
- Agent who takes the seller as a client, is legally obligated to a set of fiduciary
duties and is required to put the seller's interests above all other's.
- An Underground tank in which sewage from the house is reduced to liquid by bacterial
action and drained off.
- Regulates the distance from the lot line to the point where improvements may be
constructed.
- See "closing".
- This booklet gives an overview of the lending process and is required by HUD. It is
provided to consumers after the loan application is completed.
- A statement prepared by broker, escrow or lender giving a complete breakdown of the cost
associated with a real estate transaction.
- A deed given at the sheriff's sale in foreclosure of a mortgage.
- A residential home that is not attached physically to another home.
- A special tax imposed on property, individual lots or all property in the immediate
area, for road construction, sidewalks, sewers, street lights, etc.
- A lien that binds a specified piece of property, unlike a general lien, which is levied
against all one's assets. It creates a right to retain something of value belonging to
another person as compensation for labor, material, or money expended in that person's
behalf. In some localities it is called "particular" lien or
"specific" lien. (See lien).
- A deed in which the grantor conveys title to the grantee and agrees to protect the
grantee against title defects or claims asserted by the grantor and those persons whose
right to assert a claim against the title arose during the period the grantor held title
to the property. In a special warranty deed the grantor guarantees to the grantee that he
has done nothing during the time he held title to the property which has, or which might
in the future, impair the grantee's title.
- Lawsuit requesting that a contract be exactly carried out, usually asking that the
seller be ordered to convey the property as previously agreed.
- An application developed by FNMA and FHLMC that is widely used in the mortgage industry.
- Unique housing finance programs to assist first time home buyers and low to moderate
housing groups. Each state and local group has different sets of criteria.
- The law requires that certain contracts, such as agreements of sale, to be in writing in
order to be enforceable.
- An involuntary lien, includes tax liens, judgment liens, mechanic liens, etc.
- A document which is recorded to change the trustee under the deed of trust.
- Map or plat made by a licensed surveyor who measures land and charts its boundaries,
improvements, and relationship to the property surrounding it. A survey is often required
by the lender to assure him that a building is actually sited on the land according to its
legal description.
- All rights of a joint tenant passes to the surviving joint tenant.
- Equity created by the labor of the purchaser or borrower that increases the value of the
property.
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