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PLANNED UNIT DEVELOPMENT (PUD) A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces. PARTICIPATION MORTGAGE A mortgage in which the lender participates in the income of the mortgaged venture beyond a fixed return, or receives a yield on the loan in addition to the straight interest rate. LIFE ESTATE Any estate in real or personal property which is limited in duration to the life of its owner or the life of some other designated person. VA LOANS Fixed-rate loans guaranteed by the U.S. Department of Veterans Affairs. They are designed to make housing affordable for eligible U.S. veterans. VA loans are available to veterans, reservists, active-duty personnel, and surviving spouses of veterans with 100% entitlement. Eligible veterans may be able to purchase a home with no down payment, no cash reserve, no application fee, and lower closing costs than other financing options. The maximum VA loan amount is currently $203,000. LETTER OF CREDIT An agreement or commitment by a bank("issuer") made at the request of a customer ("account party")that the bank will honor drafts or other demands of payment from third parties ("beneficiaries") upon compliance with the conditions specified in the letter of credit. DEED A written instrument by which a property owner "grantor" transfers to a "grantee" an ownership in real property. COVENANT A written agreement or promise of two or more parties by which either pledges to perform or not to perform specified acts on a property, or which specifies certain uses or non-uses of the property. SPOT LOAN A loan on a particular property, usually a condominium unit, by a lender who has not previously financed that particular condominium building. |
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