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LOCK OR LOCK-IN A lender's guarantee of an interest rate for a set period of time. The time period is usually that between loan application approval and loan closing. The lock-in protects you against rate increases during that time. STATUTE OF FRAUDS That law which requires certain contracts to be in writing and signed by the party to be charged therewith in order to be legally enforceable. GOOD FAITH ESTIMATE Written estimate of the settlement costs the borrower will likely have to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), the lender is required to provide this disclosure to the borrower within three days of receiving a loan application. RECORDING The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Proper recordation imparts constructive notice to all the world of the existence of the recorded document and its contents. NOTE Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument. NUISANCE Conduct or activity which results in an actual physical interference with another person's reasonable use or enjoyment of his property for any lawful purpose. JUMBO LOAN A mortgage larger than the $240,000 limit set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. JOINT LIABILITY Liability shared among two or more people, each of whom is liable for the full debt. QUIET TITLE ACTION A circuit court action intended to establish or settle the title to a particular property, especially where there is a cloud on the title. |
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