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BUY-DOWN MORTGAGE A mortgage loan with a below-market rate for a period of time. FEDERAL HOUSING ADMINISTRATION (FHA) The FHA was set up in1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market. GOOD WILL An intangible, salable asset arising from the reputation of a business. PROSPECTUS A printed statement distributed to describe, advertise and give advance information on a business, venture, project or stock issue. REVERSION A future estate in real property created by operation of law when a grantor conveys a lesser estate than he has. The residue left in the grantor is called a reversion which commences in possession in the future upon the end of a particular estate granted or devised, whether it be freehold or less-than-freehold. SETTLEMENT COST (HUD GUIDE) HUD - published booklet that provides an overview of the lending process, and that is given to consumers after completing loan application. IMPLIED WARRANTY OF HABITABILITY A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease. |
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