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PRIVATE MORTGAGE INSURANCE (PMI) Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's purchase price. (Note, however, that FHA and VA loans have different insurance guidelines.) HOTEL A building or group of attached or detached buildings containing dwelling or lodging units in which 50 percent or more of the units are lodging units, usually distinguished by a front desk, dining and other common facilities. FISCAL YEAR A business year used for tax, corporate or accounting purposes, as opposed to a calendar year. GENERAL CONTRACTOR A construction specialist who enters into a formal construction contract with a land owner or master lessee to construct a real estate building or project. BUILDING PERMIT A written permission granted by the County Building Department and required prior to beginning the construction of a new building or other improvement (including fences, fence walls, retaining walls and swimming pools). ENTIRETY, TENANCY BY A form of joint ownership of property between husband and wife with the right of survivorship. CONSTRUCTIVE EVICTION Acts done by a landlord which so materially disturb or impair the tenant's enjoyment of the leased premises that a tenant is effectively forced to move out and terminate the lease without liability for any further rent. |
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