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POINT OF BEGINNING The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument. RESCISSION The legal remedy of canceling, terminating or annulling a contract and restoring the parties to their original positions; a return to the status quo. CERTIFICATE OF TITLE Written opinion of the status of title to a property, given by an attorney or title company. This certificate does not offer the protection given by title insurance. FIRM COMMITMENT A definite undertaking by a lender to loan a set amount of money at a specified interest rate for a certain term. CEILING The maximum allowable interest rate of an adjustable rate mortgage. JUST COMPENSATION An amount of compensation to be received by a party for the taking of property under the power of eminent domain. DEED A written instrument by which a property owner "grantor" transfers to a "grantee" an ownership in real property. DISCOUNT POINTS An added loan fee charged by a lender to make the yield on a lower-than-market interest VA or FHA loan competitive with higher interest conventional loans. |
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