Zoning Ordinances
The acts of an authorized local government establishing building codes, and setting forth regulations for property land usage.
Wrap-Around Mortgage
A second mortgage which is subordinate to but includes the face value of the first mortgage.
Waive
To relinquish, or abandon. To forego a right to enforce or require anything.
Voluntary Lien
A voluntary lien by the owner such as a mortgage, as opposed to involuntary liens (taxes).
Variable Interest Rate
A fluctuating interest rate which can go up or down depending on the going market rate.
Trustee
A party who is given legal responsibility to hold property in the best interest of or “for the benefit of” another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law. (See also Deed of Trust.)
Title Search or Examination
A check of the title records, generally at the local courthouse, to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue special assessments, or other claims or outstanding restrictive covenants filed in the record, which would adversely affect the marketability or value of title.
Title Insurance
Protects lenders or homeowners against loss of their interest in property due to legal defects in title. Title insurance may be issued to a “mortgagee’s title policy.” Insurance benefits will be paid only to the “named insured” in the title policy, so it is important that an owner purchase an “owner’s title policy”, if he
Title
As generally used, the rights of ownership and possession of particular property. In real estate usage, title may refer to the instruments or documents by which a right of ownership is established (title documents), or it may refer to the ownership interest one has in the real estate.
Tax
As applied to real estate, an enforced charge imposed on persons, property or income, to be used to support the State. The governing body in turn utilizes the funds in the best interest of the general public