Buying Home In Jersey New
Buying Home In Jersey New
Buying Home In Jersey New

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Real Estate Terms of the Day for Buying Home In Jersey New



FILLED LAND
An area where the grade has been raised by depositing or dumping dirt, gravel or lava rock.

DEPTH TABLE
Tables of percentage designed to provide a uniform system of measuring the additional value to lots which accrues because of added depth, with the extra depth valued according to the added utility which it creates.

TAX LIEN
A general statutory lien imposed against real property for failure to pay taxes. There are federal tax liens and state tax liens.

TRUST FUND ACCOUNT
An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others.

LOAN COMMITMENT
A commitment by a lender of the amount he will loan to a qualified borrower on a particular piece of real estate for a specified amount of time under specific terms.

KEY LOT
A lot that has added value because of its strategic location, especially where it is needed for the highest and best use of contiguous property.

MORTGAGE BROKER
A person or firm which acts as an intermediary between borrower and lender; one who, for compensation or gain, negotiates, sells or arranges loans and sometimes continues to service the loans.

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