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PREPAYMENT Full or partial repayment of the principal before the contractual due date. REFORMATION A legal action to correct or modify a contract or deed which has not accurately reflected the intentions of the parties due to some mechanical error, such as a typo graphical error in the legal description. LOSS PAYEE The person designated on an insurance policy to be paid in case the insured property is damaged or destroyed. DISCOUNT POINTS An added loan fee charged by a lender to make the yield on a lower-than-market interest VA or FHA loan competitive with higher interest conventional loans. RESIDUAL PROCESS An appraisal process used in the income approach to estimate the value of the land and/or the building, as indicated by the capitalization of the residual net income attributable to it. POCKET LISTING A listing which is retained by the listing broker or salesperson, who does not make it available to other brokers in the office or to other Multiple Listing Service members. |
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