|
| Home Improvement License |
|
Menu
|
Free Classifieds and Advertising for Individuals and Businesses at www.KeepSane.com
INSPECTION A visit to and review of the premises. A prudent purchaser of property always inspects the premises before closing. PRIVATE MORTGAGE INSURANCE A special form of insurance designed to permit lenders to increase their loan-to-market-value ratio, often up to 95 percent of the market value of the property. PORTE COCHERE A roofed structure extending from the entrance of a building over an adjacent driveway to shelter those getting into or out of vehicles. RELEASE CLAUSE A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro-rata portion of the loan. COMMON ELEMENTS Parts of the property which are necessary or convenient to the existence, maintenance and safety of the condominium, or are normally in common use by all of the condominium residents. ESCROW ACCOUNT An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses escrow account funds on behalf of the borrower when they become due. Also known as Impound Account. LEGAL RATE OF INTEREST The maximum interest rate permitted bylaw, with anything above that rate being usury. |
Copyright © 2004-2005 | www.WeWillBuyYourHouseFast.com | Privacy Policy |