Buying A Home Hud
Buying A Home Hud
Buying A Home Hud

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Real Estate Terms of the Day for Buying A Home Hud



ADHESION CONTRACT
A contract which is very one-sided and favors the party who drafted the document.

JUDGMENT LIEN
A lien binding on all the real estate of a judgment-debtor and giving the holder of the judgment a right to levy (i.e. to seize) the land for satisfaction of the judgment.

COVENANTS AND CONDITIONS
Covenants are promises contained in contracts, the breach of which would entitle a person to damages. Conditions, on the other hand, are contingencies, qualifications or occurrences upon which an estate or property right would be gained or lost.

APPRAISAL
A written estimate of a property's current market value completed by an impartial party with knowledge of real estate markets.

ESTOPPEL
A legal doctrine by which a person is prevented from asserting rights or facts which are inconsistent with a previous position or representation he had made by his act, conduct or silence.

MISREPRESENTATION
A false statement or concealment of a material fact made with the intent to induce some action by another party.

COMMON LAW
That body of law which is based on usage, general acceptance, and custom, as manifested in decrees and judgments of the courts; judge-made law, as opposed to codified or statutory law.

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