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PARCEL A specific portion of a larger tract; a lot. COST OF FUNDS INDEX (COFI) An index of the weighted-average interest rate paid by savings institutions for sources of funds, usually by members of the 11th Federal Home Loan Bank District. USEFUL LIFE That period of time over which an asset, such as a building, is expected to remain economically feasible to the owner. FORBEARANCE The act by the lender of refraining from taking legal action on a mortgage loan that is delinquent. SEPTIC TANK A sewage settling tank in which part of the sewage is converted into gas and liquids before the remaining waste is discharged by gravity into a leaching bed underground. ASSIGNMENT The transfer of ownership, rights, or interests in property by one person, the assignor, to another, the assignee. CLEAR TITLE Title to property that is free from liens, defects or other encumbrances, except those which the buyer has agreed to accept, such as mortgage to be assumed, the ground lease of record, and the like; established title; title without clouds. CASHIER'S CHECK (OR BANK CHECK) A check whose payment is guaranteed because it was paid for in advance and is drawn on the bank's account instead of the customer's. FARM AREA A selected geographical area or one specific building to which a real estate salesperson devotes special attention and study. |
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