Home Loan Washington Mutual
Home Loan Washington Mutual
Home Loan Washington Mutual

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Real Estate Terms of the Day for Home Loan Washington Mutual



IMPROVEMENTS
Valuable additions made to property, amounting to more than repairs, costing labor and capital and intended to enhance the value of the property. Improvements of land would include grading, sidewalks, sewers, streets, utilities, etc. Improvements on land would include buildings, fences, and the like.

FEDERAL HOUSING ADMINISTRATION (FHA)
A federal agency within the Department of Housing and Urban Development (HUD), which insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans.

DEALER
An IRS designation for a person who regularly buys and sells real property.

ALIENATION CLAUSE
A clause in a promissory note or mortgage which provides that the balance of the secured debt becomes immediately due and payable at the option of the mortgagee upon the alienation of the property by the mortgagor.

PORTE COCHERE
A roofed structure extending from the entrance of a building over an adjacent driveway to shelter those getting into or out of vehicles.

SURRENDER
A premature conveyance of a possessory estate to a person having a future interest, as when a lessee surrenders the leasehold interest to the owner of the reversion interest, the lessor, before the normal expiration of the lease.

TAX LIEN
Claim against a property for unpaid taxes.

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