Buying Checklist Home
Buying Checklist Home
Buying Checklist Home

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Real Estate Terms of the Day for Buying Checklist Home



GRANTOR
The person transferring title to, or an interest in, real property. A grantor must be competent to convey; thus, for example, an insane person cannot convey title to real property.

MORTGAGE BANKER
An individual or company that originates and/or services mortgage loans.

COST OF FUNDS INDEX (COFI)
An index of the weighted-average interest rate paid by savings institutions for sources of funds, usually by members of the 11th Federal Home Loan Bank District.

CEILING
The maximum allowable interest rate of an adjustable rate mortgage.

ABSORPTION RATE
An estimate of the rate at which a particular classification of space - such as new office space, new housing, new condominium units and the like - will be sold or occupied each year.

ACCELERATION CLAUSE
A clause in a promissory note, agreement of sale, or mortgage which gives the lender the right to call all sums due and payable in advance of the fixed payment date upon the occurrence of a specified event, such as a sale, default, assignment or further encumbrance of the property.

RELEASE CLAUSE
A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro-rata portion of the loan.

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