1st Time Buyer Home Loan Manufactured
1st Time Buyer Home Loan Manufactured
1st Time Buyer Home Loan Manufactured

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Real Estate Terms of the Day for 1st Time Buyer Home Loan Manufactured



TAX SALE
Public sale of property by a government authority as a result of non-payment of taxes.

DUE-ON-SALE CLAUSE
Provision in a mortgage or deed of trust allowing the lender to demand immediate payment of the loan balance upon sale of the property.

ABSORPTION RATE
An estimate of the rate at which a particular classification of space - such as new office space, new housing, new condominium units and the like - will be sold or occupied each year.

LITTORAL LAND
Land bordering on the shore of a sea or ocean and thus affected by the tide currents.

SETTLEMENT (OR CLOSING)
The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance).

JOINT VENTURE
The joining of two or more people in a specific business enterprise such as the development of a condominium project or a shopping center.

MORTGAGE NOTE
Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument.

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