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PROPERTY The rights or interests a person has in the thing owned; not, in the technical sense, the thing itself. These rights include the right to possess, to use, to encumber, to transfer and to exclude, commonly called the "bundle of rights." BLANKET MORTGAGE A mortgage that covers more than one parcel of real estate. BUYER'S MARKET Market conditions that favor buyers. With more sellers than buyers in the market, sellers may be forced to make substantial price concessions. EQUAL CREDIT OPPORTUNITY ACT (ECOA) Federal law requiring creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs. LOCK OR LOCK-IN A lender's guarantee of an interest rate for a set period of time. The time period is usually that between loan application approval and loan closing. The lock-in protects you against rate increases during that time. FRONTAGE The length of a property abutting a street or body of water; that is, the number of feet that "front" the street or water. HOUSE RULES Rules of conduct adopted by a board of directors of a condominium and designed to promote harmonious living among the owners and occupants. |
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