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INSTITUTIONAL LENDER Financial institutions such as banks, insurance companies, savings and loans or any lending institution whose loans are regulated by law. VERIFICATION OF EMPLOYMENT (VOE) Document signed by the borrower's employer verifying the borrower's position and salary. CONVEYANCE The document used to effect a transfer, such as a deed, or mortgage. IMPLIED WARRANTY OF HABITABILITY A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease. BUNDLE OF RIGHTS An ownership concept describing all those legal rights which attach to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc. CERTIFICATE OF VETERAN STATUS FHA form filled out by the VA to establish a borrower's eligibility for an FHA Vet loan. Obtainable through local VA office by submitting form DD 214 (Separation Paper) with form 26-8261a (request for certificate of veteran status). 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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