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A type of blended mortgage loan which avoids private mortgage insurance PMI. In addition, the extra interest paid for the second lien is tax deductable, whereas PMI is not. It is also possible to payoff just the second lien, thereby lowering the future monthly payments. Some lenders also offer and programs. A condensed version of the history of title to a piece of land that lists any transfers in ownership, as well as any liabilities attached to it, such as mortgages.

Abutting pieces of land have a common boundary. Literally, according to value. Treasury Bills--over the life of the loan. To avoid constant and drastic fluctuations, ARMs typically limit how often and by how much the interest rate can vary. Often includes taxes and down payment. The requirements for adversely possessing property vary between states, but usually include continuous and open use for a period of five or more years and paying taxes on the property in question.

In real estate transactions, usually the seller is the principal, and the broker is the agent: In an agency relationship, the principal delegates to the agent the right to act on his or her behalf in business transactions and to exercise some discretion while so acting.

The agent has a fiduciary relationship with the principal and owes to that principal the duties of accounting, care, loyalty, and obedience. Also see buyer's broker. The person who appoints an agent is called the principal.

An agent can enter into binding agreements on the principal's behalf and may even create liability for the principal if the agent causes harm while carrying out his or her duties. Examples might include a change in the pruchase price due to a low appraisal, or a change in the closing date.

The conventional amortization periods are15 or 30 years. Also see self amortized loan. Often charged regardless of whether or not you use the line. Charges for property appraisal and a credit report are usually included in the application fee.

A professional appraiser--a qualified, disinterested expert--makes an estimate by examining the property, and looking at the initial purchase price and comparing it with recent sales of similar property. Courts commonly order appraisals in probate, condemnation, bankruptcy or foreclosure proceedings in order to determine the fair market value of property.

Banks and real estate companies use appraisals to ascertain the worth of real estate for lending purposes. And insurance companies require appraisals to determine the amount of damage done to covered property before settling insurance claims. For example, an assignee may take over a lease from a tenant who wants to permanently move out before the lease expires.

The assignee takes control of the property and assumes all the legal rights and responsibilities of the tenant, including payment of rent. However, the original tenant remains legally responsible if the assignee fails to pay the rent. Before a seller may be relieved of liability under the existing mortgage, the lender must accept the transfer of liability for payment of the note.

Also known as simple assumption. Contrast with subject to mortgage. For example, unfenced swimming pools, open pits, farm equipment and abandoned refrigerators have all qualified as attractive nuisances. Contrast with amortized mortgage. Many states prohibit balloon payments in loans for goods or services that are primarily for personal, family or household use, or require the lender to let you refinance the balloon payment before forcing collection.

If the person who purchased the bond fails at his or her task, the bonding company will pay the aggrieved party an amount up to the value of the bond.

A bond provides pre-determined payments at a set date to the bond holder. Bonds may be "registered" bonds, which provide payment to the bond holder whose name is recorded with the issuer and appears on the bond certificate, or "bearer" bonds, which provide payments to whomever holds the bond in-hand.

Mortgage interest rates are closely related to long term bond interest rates. A BTSA is used to provide an extra incentive for real estate agents to show a particular listing. Often the bonus is tied to closing within a certain time period or the property selling for a certain price. A buyer's agent should not consider the BTSA a factor in any negotiations between buyer and seller.

Realistically, most BTSA's tend to disappear during initial negotiations, eventhough they should never be considered as negotiable after they have been offered. Any bonus to selling agent should be contained in a written agreement between the seller and listing broker.

The BTSA is technically offered by the listing broker, not the seller, and thus should not be a subject of negotiation. BTSA Acronym - bonus to selling agent. Some brokers conduct their business by representing buyers only. A ratio of income to value. Not available on homestead property in Texas See homestead.

CCCS See Consumer Credit Counseling Service. The United States Constitution requires the federal government to perform a national census every ten years. The census includes information about the respondents' sex, age, family, and social and economic status. Certificate of Eligibility The document given to qualified veterans which entitles them to VA guaranteed loans for homes, business, and mobile homes. Certificates of eligibility may be obtained by sending DD Separation Paper to the local VA office with VA form request for Certificate of Eligibility.

The fee covers the cost of cleaning the rented premises after you move out, even if you leave the place spotless. Cleaning fees are illegal in some states and specifically allowed in others, but most state laws are silent on the issue.

Landlords in every state are allowed to use the security deposit to clean a unit that is truly dirty. In Texas, these proceedings are usually held at a title company.

Closing costs can vary considerably from one financial institution to another. Usually a percentage of the selling price of the property. Community Reinvestment Act The federal law which requires federally regulated lenders to describe the geographical market area they serve. Deposits from that area are to be reinvested in that area whenever practical. Contrast with simple interest.

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For example, the landlord may refuse to provide light, heat, water or other essential services, destroy part of the premises or refuse to clean up an environmental health hazard, such as lead paint dust.

Because the premises are unlivable, the tenant has the right to move out and stop paying rent without incurring legal liability for breaking the lease. Usually, the tenant must first bring the problem to the landlord's attention and allow a reasonable amount of time for the landlord to make repairs.

Consumer Credit Counseling Service CCCS A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily funded by voluntary donations from the creditors that receive payments from debtors repaying their debts through that office.

The goal of CCCS is to insure that consumers repay the debts that they owe. CCCS may arrange easy payment plans that increase the chances for repayment, but harm a consumer's credit in the process.

Agreeing to a payment plan and following it to the letter may not stop creditors from reporting delinquent repayment information to credit bureaus for each month the payment falls short of the previous minimum amount. A common example is a Buyer who enters into the purchase of another home before his current home is sold. The Buyer will usually ask for the Seller to make the sale contingent upon the sale of the Buyer's current home.

If the Seller receives another offer for the property, the first Buyer must either agree to buy the home without any contingency, or step aside and let someone else purchase the home. Also known as a land contract, agreement of sale, conditional sales contract, or installment contract.

Buyers should be wary of this type of contract, since they can lose their entire investment if the owner declares brankruptcy, before the deed has been transferred. Rather, owning a share of the building entitles the shareholder with the right to inhabit a certain space within the dwelling, such as an apartment. Shares are usually proportional to the amount of space in each apartment.

A common form of dormitory living. Offers of cooperation and compensation are commonly found in the MLS property listings. Contrast with the income approach to value and the market data approach to value. Covenants are found in deeds or in documents that bind everyone who owns land in a particular development.

Typical clients include banks, mortgage lenders and credit card companies that use the information to screen applicants for loans and credit cards. There are three major credit bureaus, EquifaxExperian and Trans Unionand they are regulated by the federal Fair Credit Reporting Act. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.

A credit report will contain both credit history, such as what you owe to whom and whether you make the payments on time, as well as personal history, such as your former addresses, employment record and lawsuits in which you have been involved.

There are three different scores available to a mortgage lender each being generated by the three different credit agencies. The most popular, known as a Fico score is from Experian formally TRWthen there is a Beacon score from Equifax, and finally a Emperica score from Trans Union. This is the "mortgage scoring" system used to get a conventional mortgage.

Real Estate Glossary - Diane Moser Properties, Inc. - Houston Real Estate Information

Simply, credit scores are numbers calculated based upon your credit history. The better your credit, the higher your number or score will be - the worse your credit, the lower the score. The number of inquiries or times your credit has been pulled in the past 90 days will also lower your "score".

In some instances, lack of credit results in "no score" on your report requiring you to provide "alternative credit" via your rental, utility or telephone payment histories. There's plenty you can do to improve your score if you know how the system works. Just don't expect much help from your lender--most consider the actual formulas a trade secret and don't want people angling for an advantage.

Congress is currently working on legislation to provide consumers with access to their credit scores and the formulas used to calculate these scores. There are some lenders that do not rely on credit scores to the degree that most do. Some times, credit reports contain inaccuracies that lower your score, this is when a lender has to use a common sense approach to approving your loan.

In some instances you may have to correct your credit report, wait for your score to improve, then reapply for the loan. Talk with your mortgage broker or lender to understand what your options are. Business names or aliases filed with the county. Deceptive Trade Practices Act Part of the federal Consumer Protection Act originally passed in and made specifically applicable to real estate inspecifically prohibiting a lengthy number of false, misleading and deceptive acts or practices.

The Texas Supreme Court has defined a deceptive trade practice as one "which has the capacity to deceive an average, ordinary person, even though that person may have been ignorant, unthinking, or credulous. Examples of federal income tax deductions include mortgage interest, charitable contributions and certain state taxes. If a homeowner can't make the mortgage payments and can't find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage.

Even if the lender won't agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner's property rights to the lender. Deed restrictions cover allowable land uses and home types and sizes within a neighborhood. They are especially important within Houston, and unincorporated parts of Harris County, since zoning does not exist in these areas.

Defeasance also means the act of rendering something null and void. For example, a will may provide that a gift of property is defeasable--that is, it will be void--if the beneficiary fails to marry before the willmaker's death.

For example, in many states you must disclose major physical defects in a house you are selling, such as a leaky roof or potential flooding problem. For example, property that benefits from a beach access trail across another property is the dominant tenement. Since there is an inherent conflict in fiduciary obligations to two different principals, dual agency, at best, is a risky undertaking.

TRELA requires that all parties to a dual agency have full knowledge and consent Disclosed Dual Agency. Earnest money is typically held by a title company, in an escrow account, during the period between acceptance of the contract and the closing. Almost every sales contract for real estate in Texas will be an earnest money contract. Also see sales contract and promulgated contracts.

The most common type of easement is the right to travel over another person's land, known as a right of way. In addition, property owners commonly grant easements for the placement of utility poles, utility trenches, water lines or sewer lines.

The owner of property that is subject to an easement is said to be "burdened" with the easement, because he or she is not allowed to interfere with its use. For example, if the deed to John's property permits Sue to travel across John's main road to reach her own home, John cannot do anything to block the road.

On the other hand, Sue cannot do anything that exceeds the scope of her easement, such as widening the roadway. For example, if hikers have been using a trail through your backyard for ten years and you've never complained, they probably have an easement by prescription through your yard to the trail.

Contrast with Functional Obsolescence. Includes up-front costs paid to obtain the loan, and is, therefore, usually a higher amount than the interest rate stipulated in the mortgage note. Useful in comparing loan programs with different rates and points.

The most famous use of this word was by P. Barnum, who put up a large sign in his circus tent saying "This Way to the Egress. They are deemed to be personal property. The Fifth Amendment to the United States Constitution allows the government to take private property if the taking is for a public use and the owner is "justly compensated" usually, paid fair market value for his or her loss. A public use is virtually anything that is sanctioned by a federal or state legislative body, but such uses may include roads, parks, reservoirs, schools, hospitals or other public buildings.

Recreation areas may include public swimming pools, tennis courts, and children's play grounds. Many offer large water features and gated access.

Solutions range from paying the rightful property owner for the use of the property to the court-ordered removal of the structure.

Equal Credit Opportunity Act The federal law Title VII of the Consumer Credit Protection Act which requires fairness and impartiality without discrimination on the basis of race, color, religion, national origin, sex or marital status, or receipt of income from public assistance programs in the extension of credit, and good faith exercises of any right under the Consumer Credit Protection Act eg.

If the results of the treatment are discriminatory, or tend to exclude or otherwise harm members of a minority group, or have discriminatory impact, they are against the law. For example, an apartment house which rents only to doctors and lawyers, where there are few, if any, minority doctors or lawyers in the area, may be a violation of the Fair Housing Laws.

Often used by lenders to save for property taxes, hazard insurance, homeowner's dues, etc. Escrow accounts are typically non-interest bearing for the contributors, but may pay interest to the entity holding the account lenders, title companies, lawyers, etc. First, the landlord must file and win an eviction lawsuit, also known as an "unlawful detainer. For example, in most subdivision developments, mineral rights are not conveyed to the purchaser of a lot, but remain the property of the developer.

The owner reserves the right to sell the property himself without paying a commission to the agent. Brokers run the risk of investing their time, effort, and money in a listing that, even if sold through their marketing efforts, does not produce a commission.

Contrast with Exclusive Right to Sell. Contrast with Exclusive Agency. Most states have laws that void exculpatory clauses in rental agreements, which means that a court will not enforce them.

Fair Housing Laws Federal, state, and local laws, particularly Title VIII of the Civil Rights Act, Title VI of the Civil Rights Act ofand the Civil Rights Act ofwhich forbid discrimination because of race, sex, color, religion, or national origin, in the selling or renting of homes or apartments, and in other specified transactions. These laws have been recently been expanded to include familial status having children and disabilities Americans with Disabilities Act.

Fannie Mae Created by Congress in to bolster the housing industry during the Depression, Fannie Mae was originally part of the Federal Housing Administration FHA and authorized to buy only FHA-insured loans to replenish lenders' supply of money.

InFannie Mae became a private company operating with private capital on a self-sustaining basis. Its role was expanded to buy mortgages beyond traditional government loan limits, reaching out to a broader cross-section of Americans.

Today, Fannie Mae operates under a congressional charter that directs it to channel its efforts into increasing the availability and affordability of homeownership for low- moderate- and middle-income Americans. Fannie Mae receives no government funding or backing, and is one of the nation's largest taxpayers as well as one of the most consistently profitable corporations in America. Fannie Mae establishes strict guidelines for mortgage loans it is willing to purchase.

As the largest buyer of mortgage loans in the US, these guidelines have become the industry standard for the majority of home loans. Any loan that meets these Fannie Mae guidelines is called a "conforming loan". FDIC Acronym - The Federal Deposit Insurance Corporation. Federal Deposit Insurance Corporation FDIC The Federal Deposit Insurance Corporation's mission is to maintain the stability of and public confidence in the nation's financial system.

To achieve this goal, the FDIC has insured deposits and promoted safe and sound banking practices since FDIC insurance is offered at almost every US bank and savings and loan. Federal Emergency Management Agency FEMA FEMA is the governmental unit that has leadership responsibilities for the Nation's emergency management system. Once the President has declared a major disaster, FEMA coordinates not only its own response activities but also those of as many as 28 other Federal agencies that may participate.

FEMA also works with States, territories, and communities during non-disaster periods to help plan for disasters, develop mitigation programs, and anticipate what will be needed when major disasters occur. Among its many responsibilities the agency operates the Federal Insurance Administration, which makes flood insurance available to residents of communities that agree to adopt and enforce sound floodplain management practices.

Federal Home Loan Mortgage Corporation FHLMC See Freddie Mac. Federal Housing Administration The Federal Housing Administration FHAa wholly owned government corporation, was established under the National Housing Act of to improve housing standards and conditions; to provide an adequate home financing system through insurance of mortgages; and to stabilize the mortgage market. FHA was consolidated into the newly established Department of Housing and Urban Development HUD in SinceFHA has been extremely successful in achieving these goals.

While somewhat more expensive that a conventional loan in terms of interest rates and insurance fees, FHA loans offer slightly more liberal qualifying criteria. Commonly used to to denote a property where the owner has undivided title to the land on which the where to learn forex trading in kolkata is situated.

FHA The Federal Housing Administration which insures mortgage loans made by approved lenders, in accordance with FHA regulations. FHLMC Acronym - Federal Home Loan Mortgage Corporation. These fees are permitted by law. Some landlords, however, charge finder's fees merely for renting a place. This type of charge is not legitimate and, in some areas, is specifically declared illegal. The article must meet at least one of three conditions: Attached in a permanent manner.

Specially adapted to the property. Intentionally made part of the real property. Flood Control District A special taxing district created to provide flood control in specific areas of a county. Flood insurance is required by most lenders only if the property is located within a designated flood plain. The cost of the policy is related to the associated flooding risk. If a property has a small section of land located within a flood plain, but away from the residential improvements how to get a lot of bells on animal crossing wiithe lender will still require a policy, but its cost will be much lower.

Likewise, flood insurance policies for properties not located within any floodplain, are fairly inexpensive. Most flood insurance is underwritten by the federal government through FEMA and the National Flood Insurance Program in cooperation with private insurance agencies.

More than 18, communities participate in the Federal flood insurance program. The United States experiences flooding threats throughout all four seasons of the year and, 2 period rsi trading strategy fact, flooding is the most common natural disaster. There are, on average, floods per year in the U. Nearly everyone is at some risk of experiencing the effects of flooding.

In the Houston area, 25 percent of flood-insurance claims come from areas outside a designated flood plain. They are generally characterized by stock trader linux flat topography and soil types that were laid down during past inundations by flood waters.

If your property is in the year flood plain, there is a 1-in chance in any given year that your property will flood. If it is in the year flood plain, there is a 1-in chance in any given year that your property will flood.

The statistical chance of flooding is not changed by any one flooding event; but repeated flooding may result in the flood plain being recalculated. A year flood plain is always wider than a year flood plain, and the year flood plain is contained within the year flood plain. The flood prone areas of the United States cover approximatelysquare miles or 94 million acres of land, an area roughly the size of the State of Montana.

People living in flood plains are 26 times more likely to experience a flooding disaster than they are a fire disaster during the life of the how much money do corporate recruiters make mortgage on their homes. The changes in flood plain maps reflect changes in land use such as increased building activitychanges in the waterways, and flood control improvements such as detention ponds or other flood control measures.

As more lots are covered with more buildings and parking lots, the amount of water that flows into creeks and lakes increases because there is less vegetation to absorb the water when it rains. This is one reason why buildings that were not originally built in a flood plain are now in the year or year flood plain. FNMA Usually referred to as " Fannie Mae ", the acronym stands for the Federal National Mortgage Association.

For Sale By Owner FSBO An individual homeowner who is attempting to sell his property without a real estate broker. The acronym, FSBO is pronounced "fizzbo. For example, a landlord may forfeit his or her property to the federal or state government if the landlord knows it is a drug-dealing site but fails to stop the illegal activity. Likewise, a homeowner may lose his house to satisfy IRS debts or if the government suspects the home was bought with money derived from criminal acts.

The government may seize and sell the property at auction, often far below its fair market value, before the homeowner has been allowed the due process of a trial. If the homeowner is found not guilty, the government is only required to pay back the amount received at auction, and not the market value. Freddie Mac Chartered by Congress inFreddie Mac is a publicly held corporation that purchases mortgages in the secondary mortgage market.

Freddie Mac came into being as the Federal Home Loan Mortgage Corporation FHLMC with the mission earn money bookmarking create a continuous flow of funds to mortgage lenders. By forex striker donna forex lenders with the money to make mortgages and packaging the mortgages into marketable securities which are sold to investors, Freddie Mac also helps to sustain a stable mortgage credit system which in turn, reduces the mortgage rates paid by homebuyers.

Over the years, Freddie Mac has been responsible for opening the door to homeownership for one out of six home buyers in America who would not have qualified otherwise. Contrast with economic obsolescence. Some gated communities restrict entry at all times, while others only limit access during the evening hours.

The City of Houston does not allow public city streets to be gated off, so only neighborhoods with private streets, may have restricted access. The costs associated with maintaining a manned guard gate can significantly impact monthly maintenance fees, depending on the size of the community. Contrast with Specific Lien.

A general warranty deed offers the most protection of any deed. Ginnie Mae The common nickname for the Government National Mortgage Association. Ginnie Mae was created in as a wholly earn money online playing games without investment corporation within the Department of Housing and Urban Development Forex rates at axis bankhaving been separated from Fannie Mae.

Ginnie Mae does not loan money for mortgages. Instead, it operate in the secondary mortgage market, buying loans and selling mortgage-backed securities investors, which in turn, increases the availability of mortgage credit.

Government National Mortgage Association See Ginnie Mae. GNMA Acronym - Government National Mortgage Association, also known as " Ginnie Mae " good faith estimate A written estimate of closing costs which a lender must provide you within three days i get money remix lyrics 50 cent submitting an application. Areas include quadrangles 24 miles on each sidetownships 6 miles on each sideand sections 1 mile on each side.

Also known as the Rectangular Survey Method. Contrast with metes and boundsand recorded plat Lot and Block Number method. Such late payments may be reported on your credit report.

This is the most commonly used type of deed. If the dwelling unit is a condominium, all or a portion of common fees are excluded, depending on what expenses are covered. A gross lease closely resembles the typical residential lease. Contrast with Net Lease. Most common, lender required feature of homeowners insurance. In addition to spectacular views, most high-rises offer their residents a full range of amenities.

Building features may include hour concierge service, swimming pools, spas, saunas, tennis courts, exercise areas, party rooms and how to make loads of money on ebay suites.

Security is enhanced at these buildings by the manned entry desks and limited access, covered free earnest money contract texas garages. The optimum use of a site as used in appraisal. This is often determined by location, neighboring properties, deed restrictions and local zoning regulations. A home built on a busy street, surrounded by commercial property, and forex tester csv restricted from other development, is not fulfilling its highest and best use.

Once the property is redeveloped into commercial property, it can meet it economic potential. In most states, these clauses are illegal in residential tenancies, but may be upheld in commercial settings. Interest paid is usually tax-deductible. Often used for home improvement or freeing of equity for investment in other real estate or investment. Recommended by many to replace or substitute for consumer loans whose interest is not tax-deductible, such as auto or boat loans, credit card debt, medical debt, and education loans.

Home equity loans were recently made available in Texas due to changes the homestead laws as of January 1, The warranty guarantees repairs to the covered system and is renewable.

These associations take on issues such as maintaining common land and recreation areas, and collecting dues from residents. Payment of dues and participation in the homeowner's association may be either voluntary or mandatory, depending on the neighborhood. In addition easy way to earn farm cash in farmville covering losses due to vandalism, fire, hail, etc. Flood related damage requires a separate flood insurance policy or rider.

Texas offers homestead protection for a single residential property. Other taxing authorities, such as cities and counties, north carolina livestock markets offer additional property tax exemptions on homesteads.

Homestead protection will not stop foreclosures for deliquent mortgagestaxes or mandatory homeowner's association dues. The term "homesteaders" refers to people who got their land by settling it and making it productive, rather than purchasing it outright. Also known as just " closing make money with ebay affiliate. Housing and Urban Development, Deparment of HUD The U.

Department of Housing and Urban Development. This is the agency responsible for enforcing the federal Fair Housing Act. HUD Acronym - Housing and Urban Development. If a landlord fails to provide habitable housing, tenants in most states may legally withhold rent or take other measures, including hiring someone to fix the problem or moving out.

If you give away property but keep an incident of ownership--for example, you give away an apartment building but retain the right to receive rent--then legally, no gift has been made.

This distinction can be important if you're making large gifts to reduce your eventual estate tax. Contrast with the cost approach to value and the market data approach to value.

Independent School District ISD In Texas, all but one of the state's school districts are considered "Independent" since they do not fall under the direct control of any other local government, and their boundaries are not constrained by any city or county border lines. Each district is run by an elected school board, which appoints a superintendent and sets budgets and tax rates.

Only the State of Texas has the authority to regulate and oversee the actions of an Independent School District. The one exception is the Stafford Municipal School District, which de-annexed itself from the Fort Bend Independent School District. Stafford MSD lies entirely within the city limits of the City of Stafford, and shares its recreational and auditorium facilities. The broker must obtain the written consent of each party to the transaction to act as an intermediary.

The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: With the parties' consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under the Act and associated with the broker to communicate with and carry out instructions of the other party.

Property owners must protect invitees from dangers on the property. In an example of the perversion of legalese, social guests that you invite into your home are called "licensees. When two or more people own property as joint tenants and one owner dies, the other owners automatically own the deceased owner's share. For example, if a parent and child own a house as joint tenants and the parent dies, the child proven online money maker site becomes full owner.

Contrast with tenancy in common. A person can lease real estate such as an apartment or business property or personal property such as a car or a boat. A lease should cover basic issues such as when the lease will begin and end, the rent or other costs, how payments should be made, and any restrictions on the use of the property. The property owner is often called the " lessor ," and the person using the property is called the " lessee. This allows a potential home buyer move into a house he may wish to eventually buy without having to come up with a down payment or financing at that time.

Leasehold estates usually involve long-term leases, ranging from 20 to 99 years. Land owners are able to have their property developed, with no out of pocket expenses. Instead of having to sell their land too soon, they retain their family's rights to the land, while receiving a steady income stream.

The tenant saves the initial land acquisation costs and may gain access to property that would be otherwise unavailable. The downside is, as the lease nears the end or its term, stock market advisor india tenant's investment becomes uncertain, and the landlord is in a position to make demands for compensation, above the inefficient stock market what pays off and why pdf fair market price.

Leaseholds are much more common in commercial real estate, but can apply to some residential properties as well. Hawaii has many leasehold condominium projects, and even Houston has at least one mid-rise condominium building that lacks ownership of the land it occupies. Usually it uses one of the following methods; government survey Not Used in Texasmetes and boundsor recorded plat lot and block number.

Also known as unequal treatment or different treatment. Levy Improvement District LID A type of Water Control and Improvement District, used to build and maintain levies. Levies are used to contain flooding creeks and rivers. LID Acronym - Levy Improvement District.

These should be settled before the sale is finalized. Contrast with title theory state. The catch is that when the owner sells, she gets none of the profit if the market value of the unit has gone up. Any profit returns to the organization that built the home, which then resells the unit at an affordable price. Loan-to-value ratios can effect interest rates, loan qualifying criteria, and lender requirements for PMI and escrow accounts.

Provides protection should interest rates rise between the time you apply for a loan, acquire loan approval, and, subsequently, close the loan and receive the funds you have borrowed. In Houston the term "loft" is used quite liberally. Que es el drawdown in forex may refer to an older building that has been converted into residential condominiums, or it may mean a new mid-rise project with a "loft-style" finish to the units.

There are also new construction townhomes that are promoted as being "lofts". A builder creates new loft space by leaving exposed brick walls, bare polished concrete floors and having unhidden heating ducts, trusses, etc. LTV See loan-to-value ratio.

At least six of the 15 hours must be in legal topics. The term can apply to both mobile homes and pre-fab homes. Contrast with cost approach to value and income approach to value. Also known as Fair Market Value.

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Master-planned communities typically blend different price ranges of residential neighborhoods with some commercial properties designed to serve the residents' needs. Residential properties may include patio homes, townhouses, condominiums and apartment complexes in addition how do you make money as an avon rep neighborhoods of single-family homes. Likewise, multiple home builders are included in the construction of the various neighborhoods.

Commercial development can consist of retail strip centers ans shopping malls, restaurants, entertainment venues and office buildings.

In addition, master-planned communities usually offer amenities c++ trading systems developer as public recreation areas and parks, neighborhood schools and extensive landscaping. Recreation areas may include public swimming pools, tennis courts, children's play grounds and sports fields. Many offer large water features and public or private golf courses.

The term "master-planned" has become somewhat of an overused buzzword in the current market place. True master-planned communities require a a multi-year commitment from the developer and contain thousands of homes. MCE See mandatory continuing education. Typical lien claimants are general contractors, subcontractors and suppliers of building materials.

A mechanics' lien claimant can sue to have the real estate sold at auction and recover the debt from the proceeds. Because property with a lien on it cannot be easily sold until the lien stock market basics for beginners wikipedia satisfied paid offowners have a great incentive to pay their bills.

In mediation, a neutral third party the mediator meets with the opposing sides jesse livermore worlds greatest stock trader download help them find a mutually satisfactory solution.

Unlike a judge in her courtroom or an arbitrator conducting a binding arbitration, the mediator high frequency trading rules in forex markets no power to impose a solution.

No formal rules of evidence or procedure control mediation; the mediator and the parties usually agree on their own informal ways to proceed.

Contrast with government survey and recorded plat method. While not offering the panoramic views of a high-risemid-rise buildings can offer comparable levels of amenities and services. Building features may include hour concierge service, swimming pools, spas, saunas, tennis courts, exercise areas, and party rooms. The owner of mineral rights is usually entitled to either take the minerals from the land himself or receive a royalty from the party that actually extracts the minerals.

In some plans, the minimum payment may be "interest only," simple interest. In other plans, the minimum payment may include principal and interest amortized. Mobile homes come in various widths and lengths, and maybe composed of one to three pieces. A one piece home is called a "single-wide", while a house that is joined together from two halves is called a "double-wide".

Recently, "triple-wides" have appeared, and become as the largest mobile homes available. Most sections are between 14 and 16 feet wide, and 54 to 80 feet in length.

Mobile homes do not require any foundation or substructure. They sit up off the ground, with skirting used around the base to hide the wheel and jacks. While it is possible to tie down a mobile home to a piece of land, using straps and screw-in anchors, the structures are very susceptible to high winds and tornados.

Some landlords prefer to use month-to-month tenancies because it gives them the right to raise the rent after giving proper notice. This type of rental also provides a landlord with an easy way to get rid of troublesome tenants, because in most states month-to-month tenancies can be terminated for any reason.

It is also common for leases to revert to month-to-month tenancies at the end of the original lease period, if another lease has not been signed.

Lenders consider both the property security and financial worth of the borrower covenant in deciding on a mortgage loan. The mortgage or deed of trust is your agreement to pledge your home or other real estate as security. MUD See Municipal Utility District. Multiple Listing Service MLS A system by which a number of real estate firms share information about homes that are for sale.

Municipal Utility District MUD Municipal Utility Districts are authorized under the Texas Constitution, Article III, Section 52, or Article XVI, Section They are local political subdivisions of the State, governed by a board of directors. After the terrible floods in Texas duringpeople across the state realized there was a real need to confirm the State's duty to not only prevent forex traders in cape town but, also through the storage of flood waters, to conserve the water for beneficial usages.

This was the genesis for the passage of Section 59 of Article XVI inwhich allowed water districts to operate with unlimited bonded indebtedness. Inlegislation was passed which authorized the creation of Water Control and Improvement Districts -- WCIDs -- with the same bonded indebtedness and taxing authority.

To create a new water district, a developer files an application through the Office of the State Attorney General to the TNRCC. The application outlines the developer's plans for providing various services such as water, sewer and drainage to areas where municipal services are not already in place. A Board of Directors is established, which is assisted by qualified professionals who provide services on a fee basis.

Not all water districts are created equal. Some are established under General Law by the Texas Natural Resource Conservation Commission TNRCC ; some by Commissioners Court; and others are created by the governing board of a city. Special law districts are created by an act of the State Legislature. Water districts are generally empowered to incur debt and levy taxes.

If voters approve unlimited tax bonds, a debt service tax to pay the bonds is also approved. Each year, the water district board is obligated to levy a property tax adequate to cover the debt. This tax is levied on all property in the district based on appraised value, regardless of services received, and must comply with the Property Tax Code.

The tax rate must be published each year and public hearings held if the effective tax rate increases more than three percent over the previous year. District voters may also approve a maintenance tax. Water districts must comply with the Texas Open Meetings Act and the Texas Open Records Act and have an annual audit performed by an independent auditing firm.

Water districts are generally empowered to: Usually occurs when the increase in the monthly payment is limited by a ceiling. The portion of the payment which should be paid is added to the remaining balance owed. The balance owed may increase, rather than decrease over the life of the loan. When all three of the usual costs--taxes, maintenance and insurance--are passed on, the arrangement is known as a "triple net lease.

Accordingly, it may be possible for a tenant to bargain for a net lease with caps or ceilings, which limits the amount of rent the tenant must pay. For example, a net lease with caps may specify that an increase in taxes beyond a certain point or any new taxes will be paid by the landlord. The same kind of protection can be designed to cover increased insurance premiums and maintenance expenses. Contrast with gross lease. The broker in this type of listing will have a very hard time maintaining his fiduciary responsibilities to his seller since his interests are potentially at odds with the interests of the seller.

Monthly contributions to these accounts are rolled into a lender's mortgage payment. In Texas, escrow accounts are non-interest bearing, so many borrowers prefer the option of keeping the monies for their hazard insurance and property taxes in their own interest bearing accounts, until they become due. Property taxes can be paid as late as January 31st of the following year before interest and penalties begin to accrue. If the borrower has the discipline to save the monies for taxes and insurance independently, a non-escrowing loan would be the smart choice.

Most lenders charge a one-time fee at closing for selecting the non-escrow option. Non-escrowing loans also have lower closing costs since the lender does not collect reserves, which place a month cushion of pro-rated payments in the escrow account. Additionally, the seller's pro-rated share of the year's property taxes is applied directly to the buyer's closing costs, instead of being placed into the escrow account.

Nuisances include a wide range of conditions, everything from a chemical plant's noxious odors to a neighbor's dog barking. The former would be a "public nuisance," one affecting many people, while the other would be a "private nuisance," limited to making your life difficult, unless the dog was bothering others.

Lawsuits may be brought to abate remove or reduce a nuisance. See quiet enjoymentattractive nuisance. See economic obsolescencefunctional obsolescenceand physical deterioration.

An offer must express the intent of the person making the offer to form a contract, must contain some essential terms--including the price and subject matter of the contract--and must be communicated by the person making the offer.

A legally valid acceptance of the offer will create a binding contract. There is no obligation to purchase, but the seller is obligated to sell if the option holder exercise the right to purchase. For the option to be valid, it must include consideration. If a Buyer decides to close on the property, the option fee may be credited to his funds at closing.

In exchange for this option period, the Buyer pays an option fee to the Seller. If the Buyer decides to continue with the sale of the property, this option fee may be credited to him at closing. Typical option periods run from 7 to 14 days long. Typically, local governments issue ordinances establishing zoning and parking rules and regulating noise, garbage removal, and the operation of parks and other areas that affect people who live or do business within the locality's borders.

Usually a percentage of the loan amount. These properties often have a small back or side yard large enough for a patio or garden area. Also known as a garden home. Also called chattel and personalty. Contrast with real property. Physical deterioration can be either curable or incurable. PITI Principal, Interest, Taxes and Insurance.

The level of services and fees are similar to a condominium complex, but since each owner has title to a specific parcel of land, lenders may treat units as non-condominiums. This allows higher LTV loans and eliminates owner occupancy percentage requirements. Same as discount points. Contrast with secondary mortgage market. Property taxes are ad valorem, based on the assessed value of the real property.

In Texas the assessed value is determined by the County Appraisal District. Each taxing authority multiplies this appraised value by its annual tax rate.

Taxing authorities include local school districts, counties, cities, water districts MUD'sPUD'sLID'setc. At closing, various expenses such as taxes, insurance, interest, rents, etc.

Public Utility District PUD A water district, created by a city or county, promoting development of a designated area by providing water and sewer services. The PUD operates in the same manner as a Municipal Utility Districtbut is created by a local government, not a private developer. PUD Acronym - planned unit development. Acronym - Public Utility District. The is a fine line between legal puffing and illegal misrepresentation, and puffing is best avoided.

An example of puffing would be, "This home has the best view in the city". Also known as puffery. Disruption of quiet enjoyment may constitute a nuisance.

Leases and rental agreements often contain a "covenant of quiet enjoyment," expressly obligating the landlord to see that tenants have the opportunity to live undisturbed. The deed does not guarantee anything about what is being transferred, including an actual ownership interest.

For example, a divorcing husband may quitclaim his interest in certain real estate to his ex-wife, officially giving up any legal interest in the property. A quit claim deed may also be used to clear up a cloud on the title to the property in cases where there is a question of a possible ownership claim. Compare with grant deed. Real Estate Appraiser, licensed A person licensed to legally appraise real estate property for a fee. Texas has required its appraiser be licensed since In the responsibility for licensing real estate appraisers was transfered from the Texas Real Estate Commission to a newly formed Texas Appraiser Licensing and Certification Board TALCB.

Real Estate Broker, licensed To be eligible to apply for a real estate Broker License, an individual must have not less than two 2 years active experience in Texas as a licensed real estate salesperson and classroom hours of core real estate coursesplus an additional classroom hours in related courses acceptable to the Commission.

The applicant must also pass the TREC Real Estate Broker's exam, and then continue to maintain his license with mandatory continuing education MCE courses. Real Estate Center Inthe Texas Real Estate Research Center was created by the state legislature. Today, the shortened "Real Estate Center" name is used. The mission of the Real Estate Center is to conduct real estate related research based on needs of the Texas citizenry and disseminate the results and findings. Real Estate Inspector, licensed A Licensed Real Estate Inspector is someone who is licensed by TREC who holds himself out to the public as being trained and qualified to inspect property.

Formerly known as Registered Real Estate Inspector before January 1, Real Estate Salesperson, licensed To be eligible to apply for a real estate Salesperson License, an individual must complete core education courses in Principles of Real EstateLaw of Agency and Law of Contracts. An additional six 6 semester 90 classroom hours must be completed in core courses or in related courses acceptable to the Commission.

The applicant must also pass the TREC Real Estate Salesperson's exam, and then continue to maintain his license with mandatory continuing education MCE courses. Recently licensed real estate salespersons are required to complete a total of 18 semester classroom hours of education by the end of their third year of licensure, taking at least 30 hours per year.

Commonly used interchangeably with Real Estate and Realty. Contrast with personal property. Real Estate and Real Property tend to be used interchangeably with Realty in everyday usage. Contrast with government survey method and metes and bounds.

Regulation 'Z' Truth in lending law developed by the Federal Reserve System which requires lenders to provide full disclosure of the terms of the loan, including interest rates expressed as an annual percentage rate APR.

RELA Real Estate License Act. Most rent control laws also require a landlord to provide a good reason, such as repeatedly late rent, for evicting a tenant. Rent control exists in some cities and counties in California, Maryland, New Jersey, New York and Washington, D. The money is kept in an escrow account reservation A right reserved by a grantor in the sale or lease of a property.

In a sale, the title of all property passes to the grantee, but the use may be reserved for the grantor. RESPA Real Estate Settlement Procedures Act is a federal law which deals with the procedures to be followed in a real estate closing, and is intended to make borrowers more knowledgeable about possible costs and charges.

Road Utility District RUD Pursuant to Article III, Section 52 of the Texas Constitution, a Road Utility District may be created to construct, acquire, improve and provide financing for a road facility. The term "road facility" is defined as a road constructed, acquired or improved by a district; or property, an easement, or work constructed, acquired, or improved by a district and necessary or appropriate for, or in aid of the improvement of, a river, creek, or stream to prevent overflow; or the construction and maintenance of a pool, lake, reservoir, dam, canal or waterway for the purpose of drainage, if the property, easement, or works is related to, or in furtherance of, the construction, acquisition, or improvement of a road.

For example, the duty to allow a public beach access path across waterfront property would most likely pass from one owner of the property to the next. Rural Fire Prevention District RFPD A special taxing district created to provide rural residents with fire-fighting, fire prevention and other emergency services.

TREC promulgated standard contracts must be used by all licensees, with certain limited exceptions. See earnest money contract. Salesperson Annual Education SAE A real estate salesperson is required to complete a total of 18 semester classroom hours of education by the end of their third year of licensure. All active and inactive salespersons, who are under the SAE requirement, must show evidence of having completed a minimum of 30 hours in core or related real estate education each year or until a total of classroom hours have been completed.

At least hours of the must be in core real estate. Therefore the other 90 hours may be in related. Evidence of successful completion must be received on or before the renewal filing deadline. If this documentation is not received on time, the license will expire.

Contrast with primary mortgage market. Also see Fannie MaeFreddie Mac and Ginnie Mae. If the tenant damages the property or leaves owing rent, the landlord can use the security deposit to cover what the tenant owes. For example, a beachfront house that has a public walkway to the beach on its premises would be a servient tenement. When the home is later sold, the lender is entitled to a portion of the proceeds. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments.

By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. See also deed in lieu or foreclosure.

Contrast with compound interest. Single-family homes include traditional houses, as well as patio homes. Contrast with general lien. Also see suit for specific performance. Such a fence may be illegal under local fence height and appearance regulations or state laws that specifically bar spite fences.

Even if it doesn't violate regulation or laws, the fence may still be illegal if it was built with malicious intent. Statute of Frauds The law which requires among other things, that all contracts transferring real estate, or for the leasing of property for over one year, must be in writing to be enforceable. Also known as a banker's year. Contrast with calendar year. Should the mortgage be foreclosed and the property sold for a lesser amount than is owed, the grantee-buyer is not personally liable for the deficiency, but the grantor-seller is.

Contrast with assumption of mortgage. The sublessee pays rent directly to the tenant. The tenant is still completely responsible to the landlord for the rent and for any damage, including that caused by the sublessee. Most landlords prohibit subleases unless they have given prior written consent. TREC has subpoena powers. When used in connection with real estate, the word refers to the passing of property by will or inheritance, as opposed to gift, grant, or purchase.

TALCB Acronym - Texas Appraiser Licensing and Certification Board taking See eminent domain. Both spouses have the right to enjoy the entire property, and when one spouse dies, the surviving spouse gets title to the property called a right of survivorship.

It is similar to joint tenancybut it is available in only about half the states. Contrast with joint tenancy. The tenant may also be called the " lessee.

Texas Appraiser Licensing and Certification Board TALCB A regulatory agency of the State of Texas, the TALCB was created in to license, certify and regulate real estate appraisers in Texas under state and federal laws. It superseded the Texas Real Estate Appraiser Certification Committee of the Texas Real Estate Commission. Texas Deceptive Trade Practices - Consumer Protection Act Makes it illegal for false, misleading, or deceptive acts or practices in the advertising, offering for sale, selling, or leasing of any real or personal property.

The Act provides for civil penalties and in some cases, for mandatory triple damages and attorney fees for the aggrieved party. Also see Deceptive Trade Practices Act. Texas Housing Agency THA Created inthe THA issues tax exempt mortgage revenue bonds. The funds may be used to purchase existing mortgages from lending institutions, to purchase new mortgage loans, or to make direct loans to qualified housing sponsors who are recommended by a lending institution.

The agency does not actually originate mortgages, but issues commitments to lenders to purchase mortgages that meet all the agency's requirements. This is known as a forward commitment program. Texas Natural Resource Conservation Commission TNRCC The TNRCC is the lead environmental agency for The State of Texas. Its mission is to protect the state's human and natural resources consistent with sustainable economic development.

Goals include clean air, clean water, and the safe management of waste. The TNRCC is responsible for the general supervision and oversight of water districts and utilities, including the processing of petitions to create a district and applications to approve a utility service area.

In addition, the agency maintains approval authority over many utility matters including the review of most district bond issues to assure the engineering and economic feasibility of projects, as well as standby fees, impact fees, fire plans, and other district matters plus the rates charged by privately-owned and member-owned utilities.

Texas Real Estate License Act TRELA The law which established the Texas Real Estate Commission and governs the licensure and lawful behavior of Real Estate Brokers and Salespersons.

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The Texas Real Estate License Act may be amended by the State Legislature, as it deems necessary. Texas Real Estate Commission TREC The state regulatory agency responsible for the education and licensing of Real Estate Brokers, Inspectors and Salespersons.

TREC also provides enforcement of the Texas Real Estate License Actthe Rules of the of the Real Estate Commission, the Texas Timeshare Act and the Residential Service Company Act.

The mission of the Texas Real Estate Commission is to assist and protect consumers of real estate services, and foster economic growth in Texas. Through its programs of education, licensing and industry regulation, the Commission ensures the availability of capable and honest real estate service providers.

Texas Veterans Housing Assistance Program VHAP Established by a constitutional amendment inthe VHAP assists Texas veterans in the purchase of a principal residence. Texas Veterans Land Program Established by state in to assist Texas veterans to buy land with a small down payment and with long term mortgages with low interest rates.

Used primarily for selling vacation properties. In Texas title companies also act as escrow agents, conduct title searches and hold closings. Texas is not a title theory state. Contrast with lien theory state. TNRCC See Texas Natural Resource Conservation Commission. It can be individually owned, a condominiuma cooperativea planned unit development or a rental property. TREC Acronym - Texas Real Estate Commission. TRELA Acronym - Texas Real Estate License Act. TRERC Acronym - Texas Real Estate Research Center, now renamed Real Estate Center.

The trust deed transfers the title to the property to a trustee--often a title company--who holds it as security for a loan. When the loan is paid off, the title is transferred to the borrower.

The trustee will not become involved in the arrangement unless the borrower defaults on the loan. At that point, the trustee can sell the property and pay the lender from the proceeds. In Texas it is more commonly refered to as a deed of trust. VA The Veterans Administration, a federal agency which guarantees loans made to qualified veterans on approved property. Payments may increase or decrease accordingly.

For example, if you own an oddly shaped lot that could not accommodate a home in accordance with your city's setback requirement, you could apply at the appropriate office for a variance allowing you to build closer to a boundary line.

View ordinances don't cover buildings or other structures that may block views. In the Memorial Villages of Bunker Hill, Hedwig, Hillshire, Hunter's Creek, Piney Point and Spring Valley, lot sizes are often expressed in village acres or a fractions of village acres. The term was coined by developers who successfully lobbied for slighty smaller, minimum lot size requirements, in the cities' zoning regulations.

Presentations may include web pages, java applets, streaming video, panoramic images and bubble views. See general warranty deed and special warranty deed. Zoning laws divide cities into different areas according to use, from single-family residences to industrial plants.

Zoning ordinances control the size, location, and use of buildings within these different areas. Houston is the largest city in the U. Most of the other cities and villages within the Houston Metropolitan Area do have zoning regulations. Real Estate Glossary A B C D E F G H I J K L M N O P Q R S T U V W X Y Z A type of blended mortgage loan which avoids private mortgage insurance PMI.

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