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MORTGAGOR The one who gives a mortgage as security for a debt; the borrower; usually the landowner; the borrower or debtor who hypothecates or puts up his property as security for an obligation. POCKET LISTING A listing which is retained by the listing broker or salesperson, who does not make it available to other brokers in the office or to other Multiple Listing Service members. BASE LINE AND MERIDIAN An imaginary set of lines used by surveyors to locate and describe land under the Rectangular Survey Method of property description used in most mainland states. CONVERSION CLAUSE A provision in some ARMs that allows you to change an ARM to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates, and there may be a charge for the conversion feature. FEDERAL TRADE COMMISSION (FTC) A federal agency created to investigate and eliminate unfair and deceptive trade practices in business. CASHIER'S CHECK (OR BANK CHECK) A check whose payment is guaranteed because it was paid for in advance and is drawn on the bank's account instead of the customer's. PREPAID EXPENSES Taxes, insurance and assessments paid in advance of their due dates. These expenses are included at closing. NONCONFORMING USE A permitted use which was lawfully established and maintained but which no longer conforms to the current use regulations because of a change in the zoning. UNILATERAL CONTRACT A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer. |
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