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FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA, OR FANNIE MAE) This agency buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending. FREE AND CLEAR TITLE Title to real property which is absolute and unencumbered by any liens, mortgages, clouds or other encumbrances. MORTGAGE A legal document by which real property is pledged as security for the repayment of a loan. ATTACHMENT The legal process of seizing the real or personal property of a defendant in a lawsuit, by levy or judicial order, and holding it in the custody of the courts as security for satisfaction of the judgment which the plaintiff may recover in any action upon a contract, express or implied. CLOSING COSTS Expenses of the sale which must be paid in addition to the purchase price (in the case of the buyer's expenses), or be deducted from the proceeds of the sale (in the case of the seller's expenses). WAIVER Voluntary relinquishment or surrender of some right or privilege. 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. |
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