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Abstract of Title: Condensed history of title to real property consisting of a summary of links in the chain of title extracted from documents bearing on the title status. Agent: A representative; one who is authorized to act on behalf of another. Agreement for Deed: See Contract for deed. Amortization: Payment of a debt by regular installments payments. Appraisal: Professional service provided by a licensed, registered or certified appraiser to produce an estimate of value. Appraised Value: Estimated worth of a property or note determined by someone qualified in valuation. Assessed Value: Worth established for each unit of real property for tax purposes by a county property appraiser. Assignment: Written instrument that serves to transfer the rights or interest from one person to another. Assignor: Person who gives his or her legal rights or interests to another person. Balloon Payment: A financing device requiring periodic payments of a smaller amount than is necessary to fully amortize the principle borrowed. A single large payment at maturity is required to pay off the debt in full. Borrower: The mortgagor; one who gives a mortgage as security for debt. Broker: Generally, a special agent who acts as an intermediary between two parties and negotiates contracts between them. Closing: Final settlement between buyer and seller; the date on which title passes between the buyer and the seller. Cloud on Title: Any defect, valid claim or encumbrance that serves to impair or curtail owner's rights. Collateral: Real or personal property pledged as security on a debt. Contract: An agreement between two or more competent parties to do, or not to do, some legal act for a legal consideration. Contract for Deed: A financing technique wherein the seller agrees to deliver the deed at some future date and the buyer takes possession while paying the agreed amount (also called a land contract, installment sales contract or agreement for deed). Deed: A type of conveyance; a written instrument to transfer title to real property from one party to another. Default: Failure to comply with terms of an agreement or to meet an obligation when due. Discounting: A method for increasing a lender's yield. Down Payment: A portion of a purchase price paid prior to closing the transaction. Ernest money may be a part of or the entire down payment. Due-on-sale Clause: A provision in a conventional mortgage that entitles the lender to require the entire loan to be paid in full if the property is sold. Encumbrance: Any lien, claim, or liability affecting the title or attaching to real property. Equitable Title: The right of the vendee to obtain absolute ownership of property to which the vendor has legal title; the interest held by the vendee under a sales contract or contract for deed. Equity: The market value of a property less any debt against it. Foreclosure: A court process to transfer title to real property used as security for debt as a means of paying the debt by involuntary sale of the property. Free and Clear: Title to real property that is absolute and unencumbered. Grantee: Party who receives a deed or grant; buyer. Grantor: Party who signs or gives a deed; seller. Hazard Insurance: Coverage by contract whereby one party undertakes to guarantee another party against loss resulting from physical damage to real property. Hypothecate: To pledge real or personal property as security for debt or obligation without giving up possession of the property. Installment Sales Contract: See Contract for deed. Interest: The price paid for the use of borrowed money. Judgment: Decree of a court that not only declares that one party owes another but also fixes the debt amount. Just Value: The fair market value. Land Contract: See Contract for deed. Land Description: A definite and positive written identification of a specific parcel of land and its location without any additional oral testimony. Lien: A claim on property for payment of some obligation or debt. Loan-to-Value Ratio: Relationship between amount borrowed and appraised value (or sales price) of a property. Maintenance Clause: A provision in a mortgage agreement that requires mortgagors (borrowers) to maintain mortgaged property in good condition. Marketable Title: Rights to real property that are so clear that a buyer may have peaceful and quite enjoyment of the property free of litigation. Market Value: The most probable price a property will bring from a fully informed buyer, willing but not compelled to buy, and the lowest price a fully informed seller is willing to accept if not compelled to sell. Mortgage: A written agreement that pledges property as security for payment of a debt. Mortgagee: A lender who holds a mortgage on a specific property as security for the money loaned to the borrower. Mortgagor: A borrower who gives a mortgage on his or her property in order to obtain a loan from a lender. Note: Legal evidence of a debt that must accompany a mortgage; a legally executed pledge to pay a stipulated sum of money. Opinion of Value: An estimate of a property's worth given by a licensee for the purpose of a prospective sale. Origination Fee: A charge by a lender for taking a mortgage in exchange for a loan. Prepayment Clause: A provision in a mortgage that allows the mortgagor to pay the mortgage debt ahead of schedule without penalty. Present Value: The worth of all future benefits of an investment in terms of today's dollars. Promissory Note: A written promise to pay a specific amount (see also note). Property Insurance: See hazard insurance. Quitclaim Deed: A type of deed that will effectively convey any present interest, claim or title to real property that the seller (grantor) may own. Ratio: The relationship in quantity, size or amount between two things: proportion. Real Property: Any interest or estate in land, including leaseholds, sub-leaseholds, business opportunities and enterprises and mineral rights: real estate. Risk: The chance of loss of all or part of an investment; the uncertainty of financial loss. Sales Contract (purchase agreement, contract for sale and purchase): An agreement whereby one party agrees to sell and the other party agrees to buy according to the terms set forth. Secondary Lender: Agency or financial institution that buys mortgage loans previously made by primary lenders. Secondary Market: A source for the purchase and sale of existing mortgages. Second Mortgage: A loan that is junior or subordinate to a first mortgage, normally taken out when the borrower needs more money. Tax Clause: A provision in a mortgage that requires the borrower to pay all legitimate property taxes. Tax Lien: A claim against real property arising out of non-payment of the property taxes. Term Loan: A non-amortizing mortgage that normally calls for repayment of the principal in full at the end of the loan term. Title: The group of rights that represents ownership of real property and the quality of the estate owned; evidence of ownership of property; legal title. Title Insurance: A policy of insurance that protects the holder from any loss resulting from defects in title. Trust: A right of property, either real or personal, held by one party for the benefit of another party. Underwriting (loan qualification; risk analysis) The analysis of the extent of risk assumed by a lender in connection with a proposed mortgage. Vendee: The buyer of real property under an agreement for sale. Vendor: The seller of real property under an agreement for sale. Warranty Deed: A type of deed containing the strongest and most comprehensive promises of further assurance possible for the grantor to convey to a grantee. Wrap-around Mortgage: A financing technique in which the payment of the existing mortgage is continued (by the seller) and a new, higher interest mortgage, which is larger than the existing mortgage, is paid by the buyer/borrower. Yield: The rate of return; the return on investment or the amount of profit stated as a percentage; the ratio of the annual net income from a property to the cost or market value of the property.
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