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REVERSION A future estate in real property created by operation of law when a grantor conveys a lesser estate than he has. The residue left in the grantor is called a reversion which commences in possession in the future upon the end of a particular estate granted or devised, whether it be freehold or less-than-freehold. CONVEYANCE The transfer of title to real property by means of a written instrument such as a deed or an assignment of lease. BULK TRANSFERS Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise. PROMISSORY NOTE An unconditional written promise of one person to pay a certain sum of money to another, or order, or bearer, at a future specified time. REALTY Land and everything permanently affixed thereto. FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC, OR FREDDIE MAC) This agency buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending. LEVERAGE The use of borrowed funds to purchase investment property with the anticipation that the property acquired will increase in return so that the investor will realize a profit not only on his own investment, but also on the borrowed funds; the employment of a smaller investment to generate a larger rate of return through borrowing. |
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