Home Income Loan Low
Home Income Loan Low
Home Income Loan Low

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Real Estate Terms of the Day for Home Income Loan Low



CERTIFICATE OF ELIGIBILITY
Document issued by the Veterans Administration to qualified veterans which verifies a veteran's eligibility for a VA guaranteed loan. Obtainable through local VA office by submitting form DD-214 (Separation Paper) and VA form 1880 (request for Certificate of Eligibility).

RISK OF LOSS
Responsibility for damages caused to improvements. The risk of loss passes to the vendee when either title or possession passes, and he should protect himself by securing proper insurance.

CLEAR TITLE
Title to property that is free from liens, defects or other encumbrances, except those which the buyer has agreed to accept, such as mortgage to be assumed, the ground lease of record, and the like; established title; title without clouds.

DEPRECIATION (APPRAISAL)
A loss in value due to any cause; any condition which adversely affects the value of an improvement.

JUDGMENT LIEN
A lien binding on all the real estate of a judgment-debtor and giving the holder of the judgment a right to levy (i.e. to seize) the land for satisfaction of the judgment.

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.

AFFIDAVIT
A sworn statement reduced to writing and made under oath before a Notary Public or other official authorized by law to administer an oath.

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