Glossary |
Terms that are on use on this site.
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| There are 152 entries in the glossary. |
| Pages: «1 2 3 4 5 6 7 » |
| Loan-to-Value Ration (LTV) | The relationship between loan amount and sales price or appraised value of the property (whichever is less), expressed as a percentage. |
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| Lot and Block Description | Legal description used for platted property. This type of legal description states the lot number, block number and the name of the subdivision. |
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| Mechanic's Lien | A lien on property by someone who provided labor or materials to improved it. |
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| Meridian | Imaginary line that runs north and south and passes through the earth's poles (longitude line). |
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| Metes and Bounds Description | Legal description that starts at an identifiable point of beginning and then describes the property's boundaries in terms of courses and distances, returning to the point of beginning. |
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| Mortgage | Instrument that creates a voluntary lien on real property to secure repayment of a debt. |
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| Mortgage Insurance | Insurance that protects a lender against losses when a borrower defaults. |
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| Mortgagee | Lender who accepts a mortgage as security for repayment of a loan. |
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| Mortgagor | Property owner (typically a borrower) who gives a mortgage to another (typically a lender) as security for payment of an obligation. |
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| Net Proceeds | The amount of money a property seller will receive after all selling costs have been paid. |
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| Nonconforming Use | A property use that does not conform to current zoning requirements. |
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| Notarize | A notary public certifies a document. |
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| Offer | The action of one person proposing a contract to another. If the offer is accepted, a binding contract is formed. |
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| Option to Purchase | A mututal agreement between buyer and seller which gives the right to buy property at an agreed price during a specified period. |
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| Ordinance | A law passes by a local legislative body, such as a city council. |
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| Origination Fee | A fee charged to the borrower by the lender when making a new loan. |
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| Parcel | A piece of land which is usually a part of a larger acreage. |
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| Pending Special Assessment | An assessment that has been approved but not levied. |
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| Per Diem | (Per Day) Typically used in reference to the daily rate of an expense. |
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| Personal Property | Property that is not attached or built in. |
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| Planned Unit Development | Usually a residential development with lots arranged in the design to allow for more open space than is typical in a traditional subdivision. |
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| Plat | A detailed map of a subdivision that is recorded in the county where the land is located. |
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| Point | One percent of the principal amount of a loan. |
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| Prepayment Penalty | The penalty a borrower pays for paying their loan in full prior to its maturity date. |
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| Primary Mortgage Market | A local market where mortgage loans are originated with lenders making loans to borrowers. |
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Glossary V2.0 |
Real Estate Terms