Government Home Improvement Loan
Government Home Improvement Loan
Government Home Improvement Loan

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Real Estate Terms of the Day for Government Home Improvement Loan



RANGE
A measurement, used in the government survey system, consisting of a strip of land six miles wide, running in a north-south direction.

ACRE
A measure of land equaling 43,560 square feet; 4,840 square yards; 160 square rods.

BENEFICIARY
A person who receives the benefits from the gifts or acts of another, such as one who is designated to receive the proceeds from a will, insurance policy or trust.

CERTIFICATE OF ELIGIBILITY
Document issued by the Veterans Administration to qualified veterans which verifies a veteran's eligibility for a VA guaranteed loan. Obtainable through local VA office by submitting form DD-214 (Separation Paper) and VA form 1880 (request for Certificate of Eligibility).

INCOME PROPERTY
Property purchased primarily for the income to be derived plus certain tax benefits, such as accelerated depreciation. Income property can be commercial, industrial or residential.

LETTER OF CREDIT
An agreement or commitment by a bank("issuer") made at the request of a customer ("account party")that the bank will honor drafts or other demands of payment from third parties ("beneficiaries") upon compliance with the conditions specified in the letter of credit.

ADHESION CONTRACT
A contract which is very one-sided and favors the party who drafted the document.

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