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RENT CONTROL Regulation by state or local governmental agencies restricting the amount of rent landlords can charge their tenants; such regulation is a valid exercise of the state's police power. COUNTER-OFFER A new offer made as a reply to an offer received from another; this has the effect of rejecting the original offer, which cannot thereafter be accepted unless revived by the offeror's repeating it. FREDDIE MAC A common nickname for the Federal Home Loan Mortgage Corporation. DEFAULT Failure to meet legal obligations in a contract, including failure to make payments on a loan. GUARDIAN One who is given the lawful custody and care of another(called a ward). OPINION OF TITLE An opinion by a person competent in examining titles, usually a title attorney, as to the status of the title of a property. POINTS (OR DISCOUNT POINTS) Points are an up-front fee paid to the lender at the time that you get your loan. Each point equals one percent of your total loan amount. Points and interest rates are inherently connected: in general, the more points you pay, the lower the interest rate you get. However, the more points you pay, the more cash you need up front since points are paid in cash at closing. |
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