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ARBITRATION The non-judicial submission of a controversy to selected third parties for their determination in the manner provided by agreement or by law. SETTLEMENT COSTS Also known as closing costs, these costs are for services that must be performed before your loan can be initiated. Examples include title fees, recording fees, appraisal fee, credit report fee, pest inspection, attorney's fees, taxes, and surveying fees. JUDICIAL FORECLOSURE A method of foreclosing upon real property by means of a court supervised sale. After an appraisal, the court determines an upset price below which no bids to purchase will be accepted. ZONING The regulation of structures and uses of property within designated districts or zones. Zoning regulates and affects such things as use of the land, types of structure permitted, building heights, setbacks, and density (the ratio of land area to improvement area). HIGH RISE A popular expression for a condominium or apartment building generally higher than six stories. WAREHOUSING A term used in financing to describe the process which loan correspondents employ, assembling into one package a number of mortgage loans which the correspondent has originated and selling them in the secondary mortgage market. ESCROW A transaction in which a third party acts as the agent for seller and buyer, or for borrower and lender, in handling legal documents and disbursement of funds. PRESENT VALUE OF ONE DOLLAR A doctrine which is based on the fact that money has a time value. The present worth of a payment to be received at some time in the future is the amount of the payment less the loss of interest. USURY Interest charged in excess of the legal rate established by law. |
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