Ask Buying Home Question When
Ask Buying Home Question When
Ask Buying Home Question When

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Real Estate Terms of the Day for Ask Buying Home Question When



ATTORNMENT
The act of a tenant formally agreeing to become the tenant of a successor landlord; as in attorning to a mortgagee who has foreclosed on the leased premises.

ZONING ORDINANCES (OR ZONING REGULATIONS)
Local law establishing building codes and usage regulations for properties in a specified area.

FRONTAGE
The length of a property abutting a street or body of water; that is, the number of feet that "front" the street or water.

PROPRIETARY LEASE
A written lease in a cooperative apartment building, between the owner-corporation and the tenant-stockholder, in which the tenant is given the right to occupy a particular unit.

NEGATIVE AMORTIZATION
A loan payment schedule in which the outstanding principal balance of a loan goes up rather than down because the payments do not cover the full amount of interest due. The monthly shortfall in payment is added to the unpaid principal balance of the loan.

DECLARATION OF RESTRICTIONS
A statement of all the covenants, conditions and restrictions ("CC&R's") which affect a parcel of land.

VERIFICATION OF EMPLOYMENT (VOE)
Document signed by the borrower's employer verifying the borrower's position and salary.

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