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HOMESTEAD A home which is used as a personal residence. CONSTRUCTIVE EVICTION Acts done by a landlord which so materially disturb or impair the tenant's enjoyment of the leased premises that a tenant is effectively forced to move out and terminate the lease without liability for any further rent. PREPAYMENT Full or partial repayment of the principal before the contractual due date. TAKE-OUT FINANCING Long-term permanent financing. FORECLOSURE (OR REPOSSESSION) Legal process by which a mortgaged property may be sold to pay off a mortgage loan that is in default. PROSPECT A person or corporation who may be interested in buying or selling real property. The prospect does not become a client until the parties establish a fiduciary relationship, such as upon signing a listing contract or upon executing a DROA. ORIGINATION FEE The finance fee charged by a lender for placing a mortgage, which covers initial costs such as preparation of documents and credit, inspection and appraisal fees. |
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