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ELIMINATING THE CONFUSION OF LISTING CONTRACTS A, A-C, C-F, F-L, L-P, P-T, T-Z Freddie Mac (FHLMC) - Federal Home Loan Mortgage Corporation. A federal Agency purchasing first mortgages, both conventional and federally insured, from members of the Federal Reserve System, and the Federal Home Loan Bank System. Foreclosure - A proceeding in or out of court, to extinguish all rights, title, and interest, of the owner(s) of property in order to sell the property to satisfy a lien against it. Full Disclosure - Revealing all the known facts which may affect the decision of a buyer or tenant. General Lien - A lien such as a tax lien or judgment lien which attaches to all property of the debtor rather than the lien of, for example, a trust deed, which attaches only to a specific property. Ginnie Mac (GNMA) - Government National Mortgage Association. A federal association working with FHA which offers special assistance in obtaining mortgages, and purchases mortgages in a secondary capacity. Grandfather Clause - The clause in a law permitting the continuation of a use, business, etc., which, when was permissible but, because of a change in the law is now not permissible. Ground Rent - Rent paid for vacant land. If the property is improved, ground rent is the portion attributable to the land only. Heir and Assigns - Words usually found in a deed, showing the interest the grantee is receiving. Home Owner Association - An association of people who own homes in a given area for the purpose of improving or maintaining the quality of the area. Impound Account - Account held by a lender for payment of taxes, insurance, or other Index - The index if the measure of interest rate changes that the lender uses to decide how much the interest rate on an ARM will change over time. You should ask your lender how the index for any ARM you are considering has changed in recent years, and where it is reported. Independent Contractor - The term is most important as used to describe the relationship of broker and salesperson, employee or independent contractor. If employee, the broker must withhold income tax and pay social security, provide workmen's compensation, and may be liable for some negligent acts of the salesperson while on the job. All of this is avoided by the broker if salesperson is an independent contractor. Installment Sale - A tax term used to describe a sale which is usually accomplished by use of a land contract. Insured Mortgage - A mortgage insured against loss to the mortgagee in the event of default and failure of the mortgaged property to satisfy the balance owing plus costs of foreclosure. Interest Rate - The percentage of an amount of money which is paid for its use for a specified time. Joint and Several - A liability which allows the creditor to sue any one of the debtors or sue altogether. Joint Tenancy - An undivided interest in property, taken by two or more joint tenants. The interests must equal, accruing under the same conveyance, and beginning at the same time. Upon death of a joint tenant the interest passes to the surviving joint tenants, rather than to the heirs of the deceased. Judgment - The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant. Late Charge - A penalty for failure to pay an installment on time. Legal Description - A description by which property can be definitely located by reference to surveys or recorded maps. Sometimes referred to simply as the legal. Lease with Option to Purchase - A lease under which the lessee has the right to purchase the property. The option may run for the length of the lease or only for a portion of the lease period. Lender - A general term encompassing all mortgages, and beneficiaries under deeds of trust. Letter of Intent - A formal method of stating that a prospective developer, buyer or lessee, is interested in property. Liber - A Latin word for book. Lien - An encumbrance against property for money, either voluntary or involuntary. Life Estate - An estate in real property for the life of a living person. The estate then reverts back to the grantor or on to a third party.
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