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FINANCE CHARGE The total of all costs imposed directly or indirectly by the creditor and payable either directly or indirectly by the customer, as defined under the federal Truth-in-Lending Law. PROCURING CAUSE That effort which brings about the desired result, as in producing the buyer for the listed property. GRACE PERIOD Period of time during which a loan payment may be made after its due date without incurring a late penalty. The grace period is specified as part of the terms of the loan in the Note. ABANDONMENT The voluntary surrender or relinquishment of possession of real property with the intention of terminating one's possession or interest, but without vesting this interest in any other person. FEDERAL TRADE COMMISSION (FTC) A federal agency created to investigate and eliminate unfair and deceptive trade practices in business. JURISDICTION The authority or power to act, such as the authority of a court to hear and render a decision that binds both parties. CONDEMNATION Either a judicial or administrative proceeding to exercise the power of eminent domain, i.e., the power of the government to take private property for public use. |
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