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BUILDING PERMIT A written permission granted by the County Building Department and required prior to beginning the construction of a new building or other improvement (including fences, fence walls, retaining walls and swimming pools). GRANTOR The person transferring title to, or an interest in, real property. A grantor must be competent to convey; thus, for example, an insane person cannot convey title to real property. GROSS AREA The total floor area of a building measured from the exterior of the walls (excluding those unenclosed). CASH OUT Any cash received when you get a new loan that is larger than the remaining balance of your current mortgage, based upon the equity you have already built up in the house.The cash out amount is calculated by subtracting the sum of the old loan and fees from the new mortgage loan. STATUTE OF FRAUDS That law which requires certain contracts to be in writing and signed by the party to be charged therewith in order to be legally enforceable. MISREPRESENTATION A false statement or concealment of a material fact made with the intent to induce some action by another party. 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. HABENDUM CLAUSE That part of the deed beginning with the words "to have and to hold," following the granting clause and reaffirming the extent of ownership that the grantor is transferring. LICENSEE A person who has a valid license. A real estate licensee can be a salesperson or a broker, active or inactive, an individual, a corporation, or a partnership. |
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