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Same or similar to "contract to purchase." See also "contract to purchase" under "mortgage."
- Browse Related Terms: Agreement of sale, Contract for deed, Contract of sale, Contract to purchase, Finance company, Global Debt Facility, inflation, Installment contract, Land contract, Purchase agreement, Sweat Equity
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The rent paid on leased land; same as "ground rent."
- Browse Related Terms: certificate of title, Clear Title, Encumbrance, equity, First Mortgage, Free and clear, Ground Rent, judgment, Judgment Lien, Land rent, Lien, Lien Waiver, mortgage, Subordinate Financing, Title 1, Title Search
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Refers to Section 3020 of the New York City Charter and Chapter 3 of Title 25 of the Administrative Code of the City of New York.
- Browse Related Terms: Commissioners, FHA-Insured Loan, Ginnie Mae, Government National Mortgage Association (Ginnie Mae), HUD, Landmarks Law, Office of Thrift Supervision (OTS)
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The Commission acting in its agency capacity to implement the Landmarks Law.
- Browse Related Terms: CNE, CRV, Existing windows, Landmarks Preservation Commission, LPC Staff, Notice of Compliance, Notice of Violation, Permit, Repair, Special Natural Area District
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A physical betterment of real property or any part thereof, consisting of natural or artificial landscaping, including but not limited to grade, terrace, body of water, stream, rock, hedge, plant, shrub, mature tree, path, walkway, road, plaza, wall, fence, step, fountain, or sculpture.
- Browse Related Terms: Amenity, Bracket Sign, Landscape improvement, maintenance costs, Mature tree, Occupiable space, Real property, Story, utility costs
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A penalty imposed by the lender when a borrower fails to make a scheduled payment on time.
- Browse Related Terms: Chapter 13 Bankruptcy, Default, Delinquency, Forbearance, Fully Amortized Mortgage, Holder, Installment, Late Charge, Late Payment Charges, Payment Due Date, Prepayment penalty clause, Repayment Plan, reverse annuity mortgage, Terms
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The penalty the homeowner must pay when a mortgage payment is made after the due date grace period.
- Browse Related Terms: Chapter 13 Bankruptcy, Default, Delinquency, Forbearance, Fully Amortized Mortgage, Holder, Installment, Late Charge, Late Payment Charges, Payment Due Date, Prepayment penalty clause, Repayment Plan, reverse annuity mortgage, Terms
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Thin strips of wood arranged in a netlike grid pattern, often set diagonally.
- Browse Related Terms: Brick Molding, Came, configuration, Glazing, Latticework, Leaded window, Light, Molding, Muntin, Sidelight, Skirt, Special windows
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A window composed of small panes, usually diamond-shaped or rectangular, held in place by narrow strips of cast lead.
- Browse Related Terms: Brick Molding, Came, configuration, Glazing, Latticework, Leaded window, Light, Molding, Muntin, Sidelight, Skirt, Special windows
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A written agreement between a property owner and a tenant (resident) that stipulates the payment and conditions under which the tenant may occupy a home or apartment and states a specified period of time.
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Assists low to moderate income homebuyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a down payment.
- Browse Related Terms: Co-Signed Account, Escrow Account, Escrow Analysis, Impound account, Lease Purchase (Lease Option), Limited partnership, money-market account, PITI, PITIO, Principal, Interest, Taxes and Insurance (PITI), Principal, interest, taxes, and insurance payment (PITI), Rollover, Servicer, Servicing, Trust Account, Vested
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An option sometimes used by sellers to rent a property to a consumer, who has the option to buy the home within a specified period of time. Typically, part of each rental payment is put aside for the purpose of accumulating funds to pay the down payment and closing costs.
- Browse Related Terms: Buydown, Credit Enhancement, Credit Risk, Lease-Purchase Option, Lender Option Commitments, Mandatory Delivery Commitment, Mortgage Modification, Partial Claim, Risk Based Capital, Special Forbearance
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A general term encompassing all mortgagees and beneficiaries under deeds of trust.
A term referring to an person or company that makes loans for real estate purchases. Sometimes referred to as a loan officer or lender.
- Browse Related Terms: Blanket mortgage, Investment trust, Lender, Mortgagor, Real Estate Investment Trust (R.E.I.T.), Tax credit, Tax depreciation, Tax relief, Title Company
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An agreement giving a lender the option to deliver loans or securities by a certain date at agreed upon terms.
- Browse Related Terms: Buydown, Credit Enhancement, Credit Risk, Lease-Purchase Option, Lender Option Commitments, Mandatory Delivery Commitment, Mortgage Modification, Partial Claim, Risk Based Capital, Special Forbearance
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A loan that requires the same payment each month (or other period) for full amortization.
- Browse Related Terms: amortization, balloon mortgage, Balloon note, Balloon Payment, biweekly mortgage, Biweekly Payment Mortgage, curtailments, fifteen-year mortgage, Flexible payment mortgage (FPM), Installment Debt, Interest-only loan, Level payment mortgage, Mortgage Life and Disability Insurance, Negative amortization, Partial Payment, Prepayment, Prepayment penalty, Prepayment Penalty Mortgage (PPM), Principal and interest payment (P & I), Remaining Term, Reverse annuity, term
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A person's financial obligations such as long-term / short-term debt, and other financial obligations to be paid.
A person's debts and other financial obligations.
- Browse Related Terms: Borrower, Co-Signer, Debt, Debt-to-Income Ratio, Debtor, Deed-in-Lieu, Liabilities, Loan, Mortgage backed security, Note, Promissory Note, Qualifying Ratios
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Insurance coverage that protects property owners against claims of negligence, personal injury or property damage to another party.
Insurance coverage that protects against claims alleging a property owner's negligence or action resulted in bodily injury or damage to another person. It is normally included in homeowner's insurance policies.
- Browse Related Terms: Change Orders, cloud, Co-Borrower, Cooperative (Co-op) Project, Deed-in-Lieu of Foreclosure, Eminent Domain, fee simple, Foreclosure, Joint Tenancy (with Rights of Survivorship), Liability insurance, Owner's Policy, Pre-Foreclosure sale, tax deed, Title Defect, Title Insurance, Transfer Tax, Warranty deed
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An index used to determine interest rate changes for certain ARM plans, based on the average interest rate at which international banks lend to or borrow funds from the London Interbank Market.
- Browse Related Terms: Adjustable mortgage loan, Adjustment Date, Adjustment Index, Adjustment Interval, consumer handbook on adjustable rate mortgages (C.H.A.R.M.), Conversion Clause, Conversion Option, Convertible ARM, convertible mortgage, Cost of Funds Index (COFI), Fixed-Period Adjustable-Rate Mortgage, index, Inflation Coverage, Initial Interest Rate, Interest Rate Cap, Interest Rate Ceiling, Interest Rate Floor, LIBOR-Index, Margin, Mitigation, Payment Change Date, Prime rate, Treasury Index, Truth in lending, Two Step Mortgage, Variable maturity mortgage, variable rate mortgage (VRM)
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A claim against a property for the payment of a debt. A mortgage is a lien; other types of liens a property might have include a tax lien for overdue taxes or a mechanic's lien for unpaid debt to a subcontractor.
A charge against property making it security for the payment of a debt, either voluntary or involuntary; for example, a mortgage.
A claim or charge on property for payment of a debt. With a mortgage, the lender has the right to take the title to your property if you don't make the mortgage payments.
A legal claim against property that must be satisfied when the property is sold. A claim of money against a property, wherein the value of the property is used as security in repayment of a debt. Examples include a mechanic's lien, which might be for the unpaid cost of building supplies, or a tax lien for unpaid property taxes. A lien is a defect on the title and needs to be settled before transfer of ownership. A lien release is a written report of the settlement of a lien and is recorded in the public record as evidence of payment.
- Browse Related Terms: certificate of title, Clear Title, Encumbrance, equity, First Mortgage, Free and clear, Ground Rent, judgment, Judgment Lien, Land rent, Lien, Lien Waiver, mortgage, Subordinate Financing, Title 1, Title Search
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