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SALES AGREEMENT Contract signed by buyer and seller stating the terms and conditions under which a property will be sold. LIS PENDENS A legal document recorded in the Bureau of Conveyances, which gives constructive notice that an action has been filed in either a state or federal court affecting a particular piece of property. "Lis Pendens" is a Latin term which means "action pending" and is in the nature of a quasi-lien. FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA, OR FANNIE MAE) This agency buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending. LOAN APPLICATION An initial statement of personal and financial information required to apply for a loan. ASSUMPTION OF MORTGAGE The act of acquiring title to property which has an existing mortgage on it and agreeing to be personally liable for the terms and conditions of the mortgage, including payments. OFFICE EXCLUSIVE A listing in which the seller refuses to submit the listing to Multiple Listing Service, even after being informed of the advantages of MLS, and signs a certification to that effect. EQUAL CREDIT OPPORTUNITY ACT (ECOA) Federal law requiring creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs. |
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