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LAND The surface of the earth extending down to the center and upward to the sky, including all natural things thereon such as trees, crops, or water; plus the minerals below the surface and the air rights above. PRESENT VALUE OF ONE DOLLAR A doctrine which is based on the fact that money has a time value. The present worth of a payment to be received at some time in the future is the amount of the payment less the loss of interest. ECOA See Equal Credit Opportunity Act. JUDICIAL FORECLOSURE A method of foreclosing upon real property by means of a court supervised sale. After an appraisal, the court determines an upset price below which no bids to purchase will be accepted. SETTLEMENT The act of adjusting and prorating the various credits, charges and settlement costs to conclude a real estate transaction. GROSS INCOME MULTIPLIER A useful rule of thumb to estimate market value of income producing residential property. The multiplier is derived by using comparable sales divided by the actual or estimated monthly rentals and arriving at an acceptable average. RELEASE CLAUSE A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro-rata portion of the loan. |
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