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PITI Abbreviation for Principal, Interest, Taxes and Insurance, the components of a monthly mortgage payment. LAND LEASEBACK A creative financing device often used with raw land which a developer wants to improve, in which the developer sells the land to an investor who leases the land back to the developer under a long-term net lease and subordinates his fee ownership to the lender providing development financing. LOAN APPLICATION FEE Fee charged by a lender to cover the initial costs of processing a loan application. The fee may include the cost of obtaining a property appraisal, a credit report, and a lock-in fee or other closing costs incurred during the process or the fee may be in addition to these charges. EXECUTIVE The act of making a document legally valid, such as formalizing a contract by signing, or acknowledging and delivering a deed. BEQUEST A gift of personal property by will. POWER OF SALE A clause written into a mortgage authorizing the mortgagee to sell the property in the event of default. DECLARATION OF RESTRICTIONS A statement of all the covenants, conditions and restrictions ("CC&R's") which affect a parcel of land. |
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