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FHA See Federal Housing Administration. EMINENT DOMAIN The right of government, both state and federal, to take private property for a necessary public use, with just compensation paid to the owner. FIDUCIARY A relationship which implies a position of trust or confidence wherein one is usually entrusted to hold or manage property or money for another. Among the obligations a fiduciary owes to the principal are duties of loyalty; obedience; full disclosure; the duty to use skill, care and diligence; and the duty to account for all monies. APPRAISAL A written estimate of a property's current market value completed by an impartial party with knowledge of real estate markets. LETTER OF INTENT An expression of intent to invest, develop or purchase without creating any firm legal obligation to do so. LOAN ORIGINATION FEE Fee charged by a lender to cover administrative costs of processing a loan. FRAUD Any form of deceit, trickery, breach of confidence or misrepresentation by which one party attempts to gain some unfair or dishonest advantage over another. ESCROW A transaction in which a third party acts as the agent for seller and buyer, or for borrower and lender, in handling legal documents and disbursement of funds. |
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