property & real estate law

Federal Land Policy and Management Act

Passed in 1976, it provides a framework for the management of federal public lands. The Act recognized the value of the public lands and stated that they should be managed in perpetuity for the benefit of the American people on the basis of sustained yield and multiple use ("utilized in the combination that will best meet the present and future needs of the American people").

Closing Costs

All settlement or transaction charges (above and beyond the actual cost of the property) that home buyers (or sellers) need to pay at the close of escrow when the property is transferred. These typically include lender's fees and points or prepaid interest, a prorated share of the property taxes, transfer taxes, credit check fees, homeowners' and title insurance premiums, deed filing fees, real estate agent commissions, inspection and appraisal fees, and attorney's fees. Some closing costs are tax-deductible.

Assumable Mortgage

A type of financing in which one person may take over the mortgage from another.  For example, Buyer 1 wants to buy a house, so he takes out a mortgage (borrows money from the bank to pay for the house).  If Buyer 1 wants to sell the house to Buyer 2 before the mortgage is paid off, and the loan is an assumable mortgage, Buyer 2 may "step into the shoes" of Buyer 1 and take over the mortgage.

Adjustment Date

The date the interest rate changes on an adjustable-rate mortgage (ARM). On most ARMs, the rate starts out fixed at a discount for an initial period, such as five years. Then it's reset (typically upward) on the adjustment date to reflect current market rates. The rate continues to change on a regularly scheduled basis at each adjustment period.


Subscribe to RSS - property & real estate law