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MEANDER LINE An artificial line used by the surveyors to measure the natural, uneven, winding property line formed by rivers, streams and other watercourses bordering a 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. CONDOMINIUM OWNERSHIP An estate in real property consisting of an individual interest in an apartment or commercial unit, and an undivided common interest in the common areas such as the land, parking areas, elevators, stairways, and the like. LANDLORD The lessor or the owner of leased premises. The landlord retains a reversion interest in the property so that when the lease ends the property will revert to the landlord. MECHANIC'S LIEN A statutory lien created in favor of materialmen and mechanics to secure payment for materials supplied and services rendered in the improvement, repair or maintenance of real property. VERIFICATION OF DEPOSIT (VOD) Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history. LOAN ORIGINATION FEE Fee charged by a lender to cover administrative costs of processing a loan. |
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