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CONFORMING LOAN A mortgage loan which meets all requirements to be eligible for purchase by federal agencies such as FNMA and FHLMC. The maximum conforming loan amount is $240,000 for a one-unit property. CERTIFICATE OF REASONABLE VALUE (CRV) A certificate issued by the Veterans Administration setting forth a property's current market value estimate, based upon a VA approved appraisal. OBSOLESCENCE A type of depreciation of property. INTERIM FINANCING A short-term loan usually made during the construction phase of a building project; often referred to as the "construction loan." LIFE ESTATE Any estate in real or personal property which is limited in duration to the life of its owner or the life of some other designated person. OFFSITE COSTS Costs such as for sewers, streets, utilities, etc., which are incurred in the development of raw land, but are not connected with the actual construction of the buildings(onsite costs). MECHANIC'S LIEN A statutory lien created in favor of materialmen and mechanics to secure payment for materials supplied and services rendered in the improvement, repair or maintenance of real property. |
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