See: Land Contract.

In some areas of the country, synonymous with land contract. In other areas synonymous with purchase agreement.

The interest rate on a specific note as opposed to the market rate.

Rent paid under a lease. The actual rent as opposed to the market rental value of the property.

See: General Contractor; Subcontractor.

Expenses over and above labor and materials, such as return on money invested, carrying costs of land, office expense, interest on loans, etc.

Price at which property is sold, less costs of land, labor and materials, and overhead.

A voluntary lien such as a mortgage or deed of trust.

(1) The right of one who pays a common liability to recover from the others who share the liability. Example: A, B and C own property. A pays the property tax. A may recover from B and C that portion which B and C should have paid. (2) Decreasing the gifts in a will to pay creditors of the estate or those entitled to a portion of the estate who have been omitted. See also: Abatement.

Referring to traffic, the term is used to indicate a traffic light or stop sign at an intersection, which slows (controls) traffic. A retail site, such as a gas station or fast food restaurant, prefers a corner location with control.

See: Limited Access Highway.

In government projects such as urban renewal, the limits on use, density, and other limits which would be contained in zoning laws in a private venture.

In heating, the motion created by the gravitational pull on air or water at different temperatures, and therefore, different densities.

A mortgage or deed of trust not obtained under a government insured program, (such as F.H.A. or V.A.).

See: Conventional Loan.

(1) A legal term referring to the “legal” changing from real to personal property (or vice versa), although there is no actual change in the property. (2) A taking of something for one’s own use which was originally in his possession only to hold for the owner. (3) The changing of an apartment to a condominium.

The provision in a convertible adjustable rate mortgage giving the borrower the option of changing to a fixed rate at specified times during the term of the mortgage.

An adjustable rate mortgage that gives the borrower the option to change to a fixed rate at specified times during the term of the loan.

A mortgage which enables the lender to take (convert to) an equity (ownership) position in the collateral security (real estate) as opposed to that of a lienholder.

Having an angle or curvature greater than 180 degrees.

To transfer title to property. See also: Conveyance.