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Bankruptcy -.
Bill of sale A written document
that transfers title to personal property. For example, when
selling an automobile to acquire funds which will be used
as a source of down payment or for closing costs, the lender
will usually require the bill of sale (in addition to other
items) to help document this source of funds.
Balloon Payment A repayment
of a loan bond, usually but not necessarily the final repayment,
which is larger in amount than other installments
Legal report - varification
of doucments by an advocate (need to wirte more )
Broker Broker has several meanings
in different situations. Most Realtors are "agents" who work
under a "broker." Some agents are brokers as well, either
working form themselves or under another broker. In the mortgage
industry, broker usually refers to a company or individual
that does not lend the money for the loans themselves, but
broker loans to larger lenders or investors. (See the Home
Loan Library that discusses the different types of lenders).
As a normal definition, a broker is anyone who acts as an
agent, bringing two parties together for any type of transaction
and earns a fee for doing so.
Brokerage For a commission
or fee, bringing together parties interested in buying, selling,
exchanging, or leasing real property.
Breach of contract Failure, without
legal excuse, of one of the parties to a contract to perform
according to the contract
Clear title A title that
is free of liens or legal questions as to ownership of the
property
Collateral Something of value
deposited with a lender as a pledge to secure repayment of
a loan., In a home loan, the property is the collateral. The
borrower risks losing the property if the loan is not repaid
according to the terms of the mortgage or deed of trust
Commission The compensation
paid to a licensed real estate broker or by the broker to
the salesman for services rendered. Usually a percentage of
the selling price of the property, Most salespeople earn commissions
for the work that they do and there are many sales professionals
involved in each transaction, including Realtors, loan officers,
title representatives, attorneys, escrow representative, and
representatives for pest companies, home warranty companies,
home inspection companies, insurance agents, and more. The
commissions are paid out of the charges paid by the seller
or buyer in the purchase transaction.
Contract An oral or written
agreement to do or not to do a certain thing.
Credit An agreement in which
a borrower receives something of value in exchange for a promise
to repay the lender at a later date
Credit history A record
of an individual's repayment of debt. Credit histories are
reviewed my mortgage lenders as one of the underwriting criteria
in determining credit risk.
Creditor A person to whom money
is owed.
Clear title A land title
that doesn't have any liens (including a mortgage) against
it.
Debt An amount owed to another
Deed The legal document conveying
title to a property
Deposit A sum of money given
in advance of a larger amount being expected in the future.
Often called in real estate as an "earnest money deposit."
Down payment The part of
the purchase price of a property that the buyer pays in cash
and does not finance with a mortgage
Encumbrance Anything that
affects or limits the fee simple title to a property, such
as mortgages, leases, easements, or restrictions.
Encroachment An improvement
that intrudes illegally on another’s property.
Freehold In general parlance
this is used as shorthand for the tenure of an estate in fee
simple absolute in possession. Strictly speaking, however,
freehold includes fee simple, entailed interests and tenancies
for life.
Fire certificate A certificate
covering matters of safety required under the legislation
for hotels, boarding houses, factories, offices shops and
railway premises, excluding those buildings containing less
than a minimum number of employees. In order to obtain a fire
certificate,one must apply to a fire officer, who then inspects
the building and issues a list of requirements (eg. Fire escape
doors/stairways). Once the fire officer is satisfied that
those requirements have been met he will issue the fire certificate.
It enables fire officers, in the event of an emergency, to
have prior knowledge inter alia of the permitted number of
people on each floor; it also informs officials if any authorised
inflammables /explosives materials are found on the premises.
FERA Foreign Exchange Regulation
Act (FERA) An act to regulate certain payments dealing in
foreign exchange, securities, the import & export of currency
and acquisition of immovable property by foreigners. Under
Section 31 (1) of the Foreign Exchange Regulation Act (FERA)
of 1973, It is mandatory for foreign corporations, which are
not incorporated in India to obtain permission from the Reserve
Bank Of India (RBI) to acquire, hold, transfer or dispose
off in any manner (expect by way of lease for a period not
exceeding five years) any immovable property in India.
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