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Definitions (92)
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zoning ordinances
The acts of an authorized local government establishing building codes, and setting forth regulations for property land usage.
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wrap-around mortgage
A method of refinancing in which the new mortgage is placed in a secondary or subordinate position. In essence, it is an additional mortgage in which another lender refinances a borrower by lending an [..]
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waiver
To voluntarily give up or surrender a right.
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warranty deed
A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as m [..]
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underwriting
The process of deciding whether to make a loan based on credit, employment, assets and other factors.
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va mortgage
Government insured loans guaranteed by the Department of Veterans Affairs, requiring very low or no down payments and with generous requirements for qualification. They are available only to veterans [..]
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trustee
A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. The trustee is one placed in a position of responsibility for another, a r [..]
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title search or examination
A check of the title records, generally at the local courthouse, to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue special assessments, or other claims [..]
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tax
As applied to real estate, an enforced charge imposed on persons, property or income, to be used to support the State. The governing body in turn utilizes the funds in the best interest of the general [..]
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title
As generally used, the rights of ownership and possession of particular property. In real estate usage, title may refer to the instruments or documents by which a right of ownership is established (ti [..]
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