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RIGHT-OF-WAY The right or privilege, acquired through accepted usage or by contract, to pass over a designated portion of the property of another. RESCISSION The legal remedy of canceling, terminating or annulling a contract and restoring the parties to their original positions; a return to the status quo. ATTORNMENT The act of a tenant formally agreeing to become the tenant of a successor landlord; as in attorning to a mortgagee who has foreclosed on the leased premises. VALUE The power of a good or service to command other goods in exchange for the present worth of future rights to income or amenities; the present worth to typical users and investors of future benefits arising out of ownership of a property. CONFORMING LOAN A mortgage loan which meets all requirements to be eligible for purchase by federal agencies such as FNMA and FHLMC. The maximum conforming loan amount is $240,000 for a one-unit property. AMORTIZATION The gradual repayment of a debt by means of systematic payments of principal and interest over a set period, where at the end of the period there is a zero balance. MONTH-TO-MONTH TENANCY A periodic tenancy where the tenant rents for one month at a time. In the absence of rental agreement (oral or written), a tenancy is deemed to be month-to-month, or in the case of boarders, week-to-week. FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC, OR FREDDIE MAC) This agency buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending. LEVERAGE The use of borrowed funds to purchase investment property with the anticipation that the property acquired will increase in return so that the investor will realize a profit not only on his own investment, but also on the borrowed funds; the employment of a smaller investment to generate a larger rate of return through borrowing. |
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