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RECORDING The act of entering documents concerning title to a property into the public records. FREDDIE MAC A common nickname for the Federal Home Loan Mortgage Corporation. ARM See Adjustable Rate Mortgage Loans. APPRECIATION An increase in the worth or value of property due to economic or related causes, which may prove to be either temporary or permanent. SHELL LEASE A lease wherein a tenant leases the unfinished shell of a building, as in a new shopping center, and agrees to complete construction himself by installing ceilings, plumbing, heating and air conditioning systems, and electrical wiring. SHORELINE The dividing line between private land and public beach on beachfront property. SETTLEMENT COST (HUD GUIDE) HUD - published booklet that provides an overview of the lending process, and that is given to consumers after completing loan application. HIGHEST AND BEST USE That use which, at the time of appraising the property, is most likely to produce the greatest net return to the land and/or the building over a given period of time. |
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