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ACKNOWLEDGEMENT A formal declaration made before a duly authorized officer, usually a Notary Public, by a person who has signed a document. LEGAL NOTICE That notice which is either implied or required by law. Constructive notice under the recording laws is also referred to as legal notice. CEILING The maximum allowable interest rate of an adjustable rate mortgage. FEDERAL HOUSING ADMINISTRATION (FHA) The FHA was set up in1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market. LESS-THAN-FREEHOLD ESTATE An estate held by one who rents or leases property. This classification includes an estate for years, periodic tenancy, estate at will, and estate at sufferance. FNMA See Federal National Mortgage Association. PARTICIPATION MORTGAGE A mortgage in which the lender participates in the income of the mortgaged venture beyond a fixed return, or receives a yield on the loan in addition to the straight interest rate. |
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