LATEST STORIES
Land Use Planning
In real estate and public policy, Land Use Planning is the process of developing long term plans to guide how land is used and developed within a specific area. These plans are designed to balance growth, environmental protection, infrastructure needs, and community...
Functional Obsolescence
In real estate, Functional Obsolescence refers to a loss in value caused by outdated design,...
Front Foot Cost
In real estate valuation, Front Foot Cost is a method of determining property value based on a...
Band of Investment
A band of investment is used in real estate valuation, most often used in commercial appraisal. A band of investment is a way to estimate how much return an investment property needs to generate for the investor by looking at how it is paid for. Most income-producing...
Balloon Payment
A lump sum payment made on a balloon note. This lump sum is the reason for the name “balloon” note, since this large, lump “balloon” sum is required to fully pay off the loan. Usually this payment is due at the end of the term of a note. In a balloon note, the...
Balloon Note, Balloon Mortgage
A note calling for periodic payments which are insufficient to fully amortize the loan, so that a principal sum known as a balloon is due at maturity. A balloon note is a loan arrangement in which the borrower makes regular monthly payments—often based on a longer...
Backup Offer
A secondary offer to buy property, used in case the first offer fails. A backup offer is an offer submitted on a property after the seller has already accepted another offer. It is designed to take effect only if the primary, accepted contract falls through. In...
Avulsion
Avulsion is a legal term in real estate that describes the sudden and noticeable change in land caused by the rapid action of water. This typically occurs when a river, stream, or other body of water abruptly changes its course due to events such as floods, storms, or...
Attorney in Fact
One who is authorized by another to perform certain acts for another under a power of attorney; power of attorney may be limited to a specific act or acts or be general. In real estate, an attorney in fact is a person authorized to act on someone else’s behalf in...
Attest
To affirm to be true or genuine; an official act establishing authenticity. In real estate, to attest means to officially witness and confirm the signing of a document, often by signing as a witness to verify that the person who signed did so voluntarily and is the...
Attachment
The process by which real or personal property of a party to a lawsuit is seized and retained in the custody of the court for the purpose of acquiring jurisdiction over the property, to compel an appearance before the court, or to furnish security for a debt or costs...
Assumption of Mortgage
The taking of a title to property by a grantee wherein grantee assumes liability for payment of an existing note secured by a mortgage or deed of trust against the property, becoming a co-guarantor for the payment of the mortgage or deed of trust note. An assumption...
Assumption Fee
Lender's charge for paperwork involved in the processing for a new buyer to assume an existing loan. An assumption fee is a charge a lender may require when a buyer assumes an existing mortgage loan from the seller, and it helps cover the lender’s administrative costs...
HUD
HOUSING & URBAN DEVELOPMENT
HUD
(Department of Housing and Urban Development)
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