Purchase - Law Dictionary Search Results
real estate settlement procedures act (respa)
real estate settlement procedures act (respa) a law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships Source: U.S. Department of
private mortgage insurance
private mortgage insurance : insurance that a lender may require a borrower to purchase to cover losses in the event of default of a residential loan esp. when the borrower is giving
pool
or effort ;esp : to combine (interests) so as not to have a merger of companies considered a purchase for accounting purposes
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sale
more conditions are met ;specif : a sale in which the seller extends credit to the buyer to purchase the item and takes a security interest in the item with the buyer receiving title when the debt
pmi
and special affordable mortgage insurance programs for qualified borrowers with down payments of less than 20% of a purchase price. Source: U.S. Department of Housing and Urban Development
piti reserves
a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower
ownership
[Ä -sten-sə-bəl] : ownership that is apparent rather than actual and that sometimes is recognized in cases of purchase of the property by an innocent third party [a dispute arising from the dealer's ostensible ownership and sale
owner financing
owner financing a home purchase where the seller provides all or part of the financing, acting as a lender. Source: U.S. Department of
order
: an instruction or authorization esp. to buy or sell goods or securities or to perform work [a purchase ] [a work ] alternative order : an order to a broker in which alternative methods of carrying
mortgage insurance
mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price. Insurance purchased by the buyer to protect the lender in the event of default. Typically purchased for
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