The authority an agent is assumed to have because of a course of conduct, or which is inferred from the fact that he has been authorized to perform certain acts.
A reserve account often required by lenders to cover future payments of taxes, lease rent, insurance, etc.
All real estate except land. Includes buildings, fixtures, fences, curbs sewers, etc.
The lack of legal qualifications making a person incapable of performing some act. Mental deficient, minors, etc. lack capacity to perform certain acts.
Incomplete; not perfected.
Intangible; without physical existence.
One who is retained to perform a certain act, but who is not under the control or direction of the hiring person as to how they may perform the act, just the end result.
To begin; to set in motion or originate.
A writ or order issued under the seal of a court to restrain one or more parties from performing an act which is deemed to be inequitable or unjust in regard to the rights of some other party.
A contract which provides for payment of a purchase price in installments; an agreement of sale. Also called installment land contract or installment sale.
A written legal document.
During one’s life; between living persons; from one living person to another.
A short-terms loan obtained to cover financing of the construction of a building.
A person who dies without will, or with one which is defective in form.
A lien imposed against property without consent of an owner: e.g., taxes, special assessments, federal income tax liens, etc.
Incapable of being recalled or revoked; unchangeable.
Ownership by tow or more persons with rights of survivorship; all joint tenants own equal interests and have equal rights in the property; each owner is possessed of an undivided part of the whole.
A joining of two or more people in a specific business enterprise; similar to a partnership, and generally with no intention of a continuing relationship beyond the original purpose.
The final determination of the rights and liabilities of the parties by a court in an action before it.
A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. Other states use non-judicial foreclosure.
A loan that exceeds Fannie Mae's and Freddie Mac's loan limits, currently at $227,150. Also called a nonconforming loan. Freddie Mac and Fannie Mae loans are referred to as conforming loans.
A subordinate lien.
A mortgage which is subordinate to prior existing mortgage on the same realty.
Delay or negligence in asserting one’s legal rights.
A court designated to preside over the registration of land under the Torrens system; the court, which is used to verify title.
An instrument conveying government owned lands to individuals.
A device to hold title to land in a trust with the beneficial ownership held by the landowner.
Land Use Ordinance
County code which sets forth zoning regulations for the county.
Landlord Tenant Code (LTC)
A Hawaii state law outlining the rights, obligations and remedies of a residential landlord and a tenant.
A monument or object used to establish the boundary line of a property.
A hidden structural defect in real estate, known ot the seller but not the buyer and not discoverable by mere observation.
The support which the soil of an adjoining owner gives to his neighbor’s land.
A written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time.
A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it.
An alternative financing option that allows home buyers to lease a home with an option to buy. Each month's rent payment may consist of not only the rent, but an additional amount which can be applied toward the down payment on an already specified price.
A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony.
A term which can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as "lenders."
A person's financial obligations. Liabilities include long-term and short-term debt, as well as any other amounts that are owed to others.
Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party. It is usually part of a homeowner's insurance policy.
A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien.
For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease over the life of the mortgage.
Line of Credit
An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower.
A cash asset or an asset that is easily converted into cash.
A sum of borrowed money (principal) that is generally repaid with interest.
Also referred to by a variety of other terms, such as lender, loan representative, loan "rep," account executive, and others. The loan officer serves several functions and has various responsibilities: they solicit loans, they are the representative of the lending institution, and they represent the borrower to the lending institution.
How a lender refers to the process of obtaining new loans.
After you obtain a loan, the company you make the payments to is "servicing" your loan. They process payments, send statements, manage the escrow/impound account, provide collection efforts on delinquent loans, ensure that insurance and property taxes are made on the property, handle pay- offs and assumptions, and provide a variety of other services.
The percentage relationship between the amount of the loan and the appraised value or sales price (whichever is lower).
An agreement in which the lender guarantees a specified interest rate for a certain amount of time at a certain cost.
The time period during which the lender has guaranteed an interest rate to a borrower.