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FLOOR DUTY A frequent practice in real estate brokerage offices of assigning one sales agent the responsibility for handling all telephone calls and office visitors for a specified period of time. JUNIOR MORTGAGE A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first. LENDER The bank, mortgage company, or mortgage broker offering the loan. BARGAIN AND SALE DEED A deed which recites a consideration and conveys all of the grantor's interest in the property to the grantee. ABSTRACT OF TITLE A concise, summarized history of the title to a specific parcel of real property, together with a statement of all liens and encumbrances affecting the property. The abstract of title does not guarantee or assure the validity of the title of the property. It merely discloses those items about the property which are of public record, and thus does not reveal such things as encroachments, forgeries, and the like. AFFIDAVIT A sworn statement reduced to writing and made under oath before a Notary Public or other official authorized by law to administer an oath. FNMA See Federal National Mortgage Association. COMMITMENT A promise to lend and a statement by the lender of the terms and conditions under which a loan is made. |
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