Buying Foreclosure Home
Buying Foreclosure Home
Buying Foreclosure Home

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Real Estate Terms of the Day for Buying Foreclosure Home



NOMINAL CONSIDERATION
A consideration bearing no relation to the real value of the contract. A deed often recites a nominal consideration, such as "ten dollars and other valuable consideration."

PREMISES
The subject property, such as the property which is deeded or the unit that is leased.

FINANCE CHARGE
The total of all costs imposed directly or indirectly by the creditor and payable either directly or indirectly by the customer, as defined under the federal Truth-in-Lending Law.

LOAN-TO-VALUE RATIO (LTV)
The percentage of the loan amount to the appraised value (or the sales price, whichever is less) of the property.

PLAT
A map or a town, section, or subdivision indicating the location and boundaries of individual properties.

LAND DESCRIPTION
A description of a particular piece of real property.

HAZARD INSURANCE
Protects the insured against loss due to fire or other natural disaster in exchange for a premium paid to the insurer.

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