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SURVEY A measurement of land, prepared by a licensed surveyor, showing a property's boundaries, elevations, improvements, and relationship to surrounding tracts. BLANKET MORTGAGE A mortgage which is secured by several structures or a number of lots. A blanket mortgage is often used to finance proposed subdivisions or development projects, especially cooperatives. ARM See Adjustable Rate Mortgage Loans. CLOSING (OR SETTLEMENT) The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance). CAPS (PAYMENT) Consumer safeguards which limit the amount monthly payments on an adjustable-rate mortgage may change. Since they do not limit the amount of interest the lender is earning, these consumer safeguards may cause negative amortization. DEVELOPER One who attempts to put land to its most profitable use by the construction of improvements. PRINCIPAL The capital sum; interest is paid on the principal. NOT spelled principle. INITIAL RATE The rate charged during the first interval of an ARM loan. MARGINAL LAND Land which is of little value because of some deficiency, such as poor access, lack of adequate rainfall, or steep terrain. |
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