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JOINT TENANCY A form of property ownership by two or more persons in which the joint tenants have one and the same interest, arising by one and the same conveyance, commencing atone and the same time and held by one and the same possession(the concept of "four unities"). POINT OF BEGINNING The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument. LAND DESCRIPTION A description of a particular piece of real property. REALTOR A registered word which may only be used by an active real estate broker who is a member of the state and local real estate board affiliated with the National Association of Realtors. The use of the name REALTOR and the distinctive seal in advertising is strictly governed by the rules and regulations of the National Association. ORIGINATION FEE The finance fee charged by a lender for placing a mortgage, which covers initial costs such as preparation of documents and credit, inspection and appraisal fees. PERSONAL PROPERTY Things which are tangible and moveable; property which is not classified as real property; chattels; personalty. REDEMPTION, EQUITABLE RIGHT OF The right of a mortgagor who has defaulted on the mortgage note to redeem or get back his title to the property by paying off the entire mortgage note prior to the foreclosure sale. COMMON AREAS Land or improvements designated for the use and benefit of all residents, property owners and tenants. |
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