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JOINT AND SEVERAL LIABILITY A situation in which more than one party is liable to repay a debt or obligation and a creditor can obtain compensation from one or more parties, either individually or jointly, whichever he chooses. WEAR AND TEAR The gradual physical deterioration of property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable. LIFE ESTATE Any estate in real or personal property which is limited in duration to the life of its owner or the life of some other designated person. MEANDER LINE An artificial line used by the surveyors to measure the natural, uneven, winding property line formed by rivers, streams and other watercourses bordering a property. CASH OUT Any cash received when you get a new loan that is larger than the remaining balance of your current mortgage, based upon the equity you have already built up in the house.The cash out amount is calculated by subtracting the sum of the old loan and fees from the new mortgage loan. DEPOSIT Money offered by a prospective buyer as an indication of good faith in entering into a contract to purchase; earnest money; security for the buyer's performance of a contract. PIGGYBACK LOAN A joint loan with two lenders sharing a single mortgage. |
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