An estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or inherited. Commonly, a synonym for ownership.

A term now used synonymously with fee simple.

See: Defeasible Title.

See: Defeasible Title.

An estate of inheritance which specifies the descendants or classes or heirs of the devisee who may succeed to the said estate.

A fabric composed mainly of wool mixed with fur, hair, or synthetics, under heat and pressure.

A highly absorbent, porous paper, used with tar or asphalt as a roofing paper, or over studs as an insulation.

See: Federal Emergency Management Agency.

A barrier, usually to enclose one’s property; may be made of wood, brick, wire, etc.

The decorative manner or plan of placing doors or windows in a structure.

A clause stating that the buyer (borrower) shall not be obligated to buy nor shall any deposit be lost if the appraisal is less than the agreed upon amount.

A mortgage insured by the Federal Housing Administration (FHA).

The protection that lenders receive in the event of foreclosure. The borrower pays the fee for the insurance.

A federal agency purchasing first mortgages, both conventional and federally insured, from members of the Federal Reserve System, and the Federal Home Loan Bank System.

Particles of glass spun into a form of insulation, or materials such as used in drapes.

See: Insulation Board.

A number which “scores” credit of a mortgage loan applicant or loan applicant for another purpose. The score is based on many factors, such as too much or too little credit, past delinquencies, bankruptcy and frequency of inquiries. There are many other factors. Lenders use the score to determine whether to make a loan and the score may also influence the interest rate charged. FAIR, ISAAC AND COMPANY, INC. also provides insurance scores and many other business services.

See: Fictitious Instrument.

A document containing general provisions but not regarding specific property. The fictitious document is recorded in all counties of a state. Whenever the same type of document is recorded regarding specific property, the provisions of the fictitious document are incorporated by reference, saving both the costs of printing, and recording extra pages.

An instrument (usually a mortgage or deed of trust) which is recorded not on specific property but to be incorporated by reference into future mortgages or deeds of trust. This is done by reference to the recording information of the fictitious instrument in the instrument recorded against specific property. This shortens the latter instrument and thereby cuts costs of printing, paper, recording, etc. The fictitious instrument contains general language applicable to any specific property.

See: Fictitious Instrument.