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COST OF FUNDS INDEX (COFI) An index of the weighted-average interest rate paid by savings institutions for sources of funds, usually by members of the 11th Federal Home Loan Bank District. SUBORDINATION AGREEMENT An agreement whereby a prior mortgagee agrees to subordinate or give up their priority position to an existing or anticipated future lien. MARKETABLE TITLE Good or clear title reasonably free from risk of litigation over possible defects; also referred to as merchantable title. Marketable title need not, however, be perfect title. KEY LOT A lot that has added value because of its strategic location, especially where it is needed for the highest and best use of contiguous property. CONSTRUCTIVE NOTICE Notice of certain facts which are implied bylaw to a person because he could have discovered the fact by reasonable diligence or by inquiry into public records. ORIGINATION FEE Fee charged by a lender to cover administrative costs of processing a loan. 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. |
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