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WASTE An improper use or abuse of property by one in possession of land, who holds less than the fee ownership, such as a tenant, life tenant, mortgagor, or vendee. ORIGINATION FEE Fee charged by a lender to cover administrative costs of processing a loan. RANGE A measurement, used in the government survey system, consisting of a strip of land six miles wide, running in a north-south direction. RESERVE FUND Monies set aside as a cushion of capital for future payment of items such as taxes, insurance, furniture replacement, deferred maintenance, etc.; sometimes referred to as an impound account. PENTHOUSE An apartment located on the roof of a building, or more commonly, an apartment on the top floor of a building. CLOUD ON TITLE Any document, claim, unreleased lien or encumbrance which many impair or injure the title to property or make the title doubtful because of its apparent or possible validity. DEFICIENCY JUDGEMENT A judgment against a borrower, endorser, or guarantor for the balance of the debt issued when the security for a loan is insufficient to satisfy the debt. RECONVEYANCE The transfer of property back to the owner when a mortgage loan is fully repaid. ACCELERATED DEPRECIATION A method of calculating the depreciation of certain property (that property which is used in a trade or business, or which is held for the production of income) at a faster rate than would be achieved from using the straight line method of depreciation. |
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