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AGREEMENT OF SALE Contract signed by buyer and seller stating the terms and conditions under which a property will be sold. FUNCTIONAL OBSOLESCENCE A loss in value of an improvement due to functional inadequacies, often caused by age or poor design. HOUSING AND URBAN DEVELOPMENT See HUD. INTEREST RATE CAP Consumer safeguards which limit the amount the interest rate on an ARM loan can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index. NEGATIVE CASH FLOW The investment situation where cash expenditures to maintain an investment (taxes, mortgage payments, maintenance, etc.) exceed the cash income received from the investment. GRANDFATHER CLAUSE Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law. SCHEMATICS Preliminary architectural drawings and sketches; basic layouts not containing the final details of design. GOVERNMENT SURVEY A system of land description in which large blocks of land are divided into tracts bounded by imaginary lines conforming to the true meridian. |
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