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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. CERTIFIED CHECK A check which the bank guarantees to be good, and against which a stop payment is ineffective. TRADE FIXTURES Articles of personal property annexed to leased premises by the tenant, as a necessary part of the tenant's trade or business. RECONVEYANCE The transfer of property back to the owner when a mortgage loan is fully repaid. MORTGAGE LOAN A loan for which real estate serves as collateral to provide for repayment in case of default. BUNDLE OF RIGHTS An ownership concept describing all those legal rights which attach to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc. FINDER'S FEE A fee paid to someone for producing a buyer to purchase or a seller to list property; also called a referral fee. |
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