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Lease
A contract between the owner of real property, called
the lessor, and another person referred to as the lessee,
covering all conditions by which the lessee may occupy
and use the property.
Lease
With Option To Purchase
A lease where the lessee has the option to purchase the
leased property. The terms of the purchase option must
be set forth in the lease.
Legal
Description
The geographical identification of a parcel of land
Lessee
One who contracts to rent property under a specified lease>
Lessor
An owner who contracts into a lease with a tenant (lessee).
Lien
A claim by one person on the property of another as security
for money owed. Such claims may include obligations not
met or satisfied, judgments, unpaid taxes, materials,
or labor. (See also special lien.)
Life
Estate
A estate in real property for the life of a person
Listing
A contract between owner and broker to sell the owner's
property
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Marketable
Title
A title that is free and clear of objectionable liens,
clouds, or other title defects. A title which enables
an owner to sell his property freely to others and which
others will accept without objection.
Mechanic's
Lien
A lien created by statute on a specific property for labor
or materials contributed to an improvement on that property.
Mortgage
A lien or claim against real property given by the buyer
to the lender as security for money borrowed. Under government-
insured or loan- guarantee provisions, the payments may
include escrow amounts covering taxes, hazard insurance,
water charges, and special assessments. Mortgages generally
run from 10 to 30 years, during which the loan is to be
paid off.
Mortgage
Commitment
A written notice from the bank or other lending institution
saying it will advance mortgage funds in a specified amount
to enable a buyer to purchase a house.
Mortgage
Insurance Premium
The payment made by a borrower to the lender for transmittal
to HUD to help defray the cost of the FHA mortgage insurance
program and to provide a reserve fund to protect lenders
against loss in insured mortgage transactions. In FHA
insured mortgages this represents an annual rate of one-
half of one percent paid by the mortgagor on a monthly
basis.
Mortgage
Note
A written agreement to repay a loan. The agreement is
secured by a mortgage, serves as proof of an indebtedness,
and states the manner in which it shall be paid. The note
states the actual amount of the debt that the mortgage
secures and renders the mortgagor personally responsible
for repayment.
Mortgage
(Open- End)
A mortgage with a provision that permits borrowing additional
money in the future without refinancing the loan or paying
additional financing charges. Open- end provisions often
limit such borrowing to no more than would raise the balance
to the original loan figure.
Mortgagee
The lender in a mortgage agreement.
Mortgagor
The borrower in a mortgage agreement.
Multiple
Listing
A listing taken by a member of an organization of brokers,
whereby all members have an opportunity to find a buyer.
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