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SPECIFIC PERFORMANCE A legal action brought in a court of equity to compel a party to carry out the terms of a contract. PLOTTAGE The merging or consolidating of adjacent lots into one larger lot, with the consequent result of improved usability and increased value; also called assemblage. PRIME RATE The minimum interest rate charged by a commercial bank on short-term loans to its largest and strongest clients(those with the highest credit standings). EFFECTIVE RATE The effective rate is a consumer-oriented rate that takes into account the projected amount of time you tell us you will actually have the loan, as well as the specific costs, fees, and potential rate changes associated with it. The fees and costs are distributed over the time you plan to be in the house, allowing you to do an apples-to-apples comparison of a variety of loan types. The effective rate is not the APR. It is similar in that it factors in interest, mortgage insurance, and other fees (including points); however, the APR assumes that you keep your loan for the entire term, while the effective rate takes into account how long you tell us you plan to be in your house. PROMISSORY NOTE An unconditional written promise of one person to pay a certain sum of money to another, or order, or bearer, at a future specified time. SETTLEMENT (OR CLOSING) The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance). GROSS LEASE A lease of property under which the lessee pays a fixed rent, and the lessor pays the taxes, insurance, and other charges regularly incurred through ownership. |
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