Part 2 Flashcards
Oh, limit on the amount of mortgage payment increases that can occur with an adjustable rate mortgage
Payment cap
A visible apparent defect that can be seen in a reasonably thorough inspection of property
Patent defect
A court action to divide a real property amongst its co-owners so that each owns part of it in severalty or if it’s not practical to physically divide the property each get a share of the sale proceeds
Partition, judicial
A potential remedy to breach of contract where the injured party agrees to accept less than the full terms of the original contract
Partial performance
A specific lot or piece of real estate, particularly a specified part of a larger tract
Parcel
A mortgage where personal property is included in a real estate sale and financed with one contract
Package mortgage
A type of title insurance issued in the name of the property owner. Coverage runs from the time of purchase for as long as the policyholder owns the property.
Owners policy
A fee charged by a lender to cover the administration cost of making a loan usually based on a percentage of the loan amount
Origination fee
The process of making or initiating a new loan
Origination
A person who gives an option
Optionor
A person to human an option is given
Optionee
A contract giving the option the right, but not the obligation to buy property owned by The option or at an agreed-upon price during a specific period
Option to purchase
A person who makes an offer
Offeror
A person who receives an offer or to whom an offer is made
Offeree
The first step in forming a contract when one party makes an offer to another party. This requires intent to contract and definite terms.
Offer
