Glossary of Property and Land Terms
- Adjustable rate mortgage
- Amenities
- Amortization schedule
- Assignment of mortgage
- Assumption of mortgage
- Building line
- Closing
- Closing cost
- Contract for deed
- Deed
- Deed of trust
- Deed restrictions
- Deposit or earnest money
- Direct reduction mortgage
- Easement
- Encumbrance
- Equity
- Escrow
- Flood plain (loa year)
- Floodway
- Foreclosure
- Full floating rate mortgage
- Improved land
- Land consultant
- Lien
- Mud tax
- Origination fee
- Plat
- Promissory note
- Property owners association
- Title
- Variable rate mortgage
- Zoning
Adjustable rate mortgage
A loan for which the customer's interest rate is "locked in" for a certain period of time. At the end of that period, the interest is adjusted to reflect the bank's current rate of interest; the new monthly payment incorporates that adjustment. (Also called a Variable Rate Mortgage).Amenities
Common ground areas of A Bluegreen Community®® (i.e. parks, lakes, golf courses, playgrounds, etc.) that have been improved for the use of all owners.Amortization schedule
A schedule that shows how much principal and interest are due at specified intervals and the unpaid balance of the mortgage after each payment.Assignment of mortgage
This is an agreement, which transfers mortgage ownership from one party to another party.Assumption of mortgage
A buyer's agreement to take over the payments on an existing mortgage, agreeing to liability for the balance of the payments.Building line
An imaginary line from which a home or improvement must be built behind.Closing
The final transaction in a real estate purchase. Includes the delivery of a deed, financial adjustments, signing of notes, putting funds in escrow for payments and insurance, etc.Closing cost
Fees associated with the purchasing of any real estate that usually include, but are not limited to, title policies, mortgage policies, loan origination fees, discount points, surveys, appraisals, escrow fees, document preparation fees, prorates maintenance fees, prorates taxes, and recording fees. A seller may share in some of these costs.Contract for deed
A contract which mayor may not be enforceable that says that when a piece of property is paid for that the title can be conveyed.Deed
Recorded instrument that conveys ownership of real property.Deed of trust
A document that says that a seller is agreeing to issue a deed up front for a piece of property subject to a lien named in the deed of trust.Deed restrictions
Covenants, Conditions, and Restrictions that are recorded at the County Clerk's Office that affect the use of the land. Bluegreen uses these to protect property values by insuring that something undesirable is not built next door.Deposit or earnest money
Money given to either bind a sale or assure payment in loan processing.Direct reduction mortgage
Requires a fixed payment of principal each period.Easement
A right to the limited use of land owned by someone else. It may allow access to a property or enable utility lines to be laid.Encumbrance
Something that affects or limits title to a property, such as restrictions, mortgages, leases, etc.Equity
The difference between market value and how much is owed on the property.Escrow
Provides that a third party, acting for both buyer and seller, handles disbursement of funds for specified purposes.Flood plain (loa year)
An area designated by the Federal Emergency Management Agency to possibly be subject to flooding in the event of a flood that should occur only once every one hundred years.Floodway
An area to have been determined to be prone to flooding and usually is restricted against improvement.Foreclosure
The legal process in which mortgaged property is sold to pay a defaulting borrower's debt.Full floating rate mortgage
Similar to an adjustable rate mortgage, except the customer's interest rate changes (or "floats") each time the bank's prime rate changes.Improved land
Land with roads, utilities, etc. as opposed to raw land with no physical improvements.Land consultant
A Bluegreen representative who specializes in land sales that is a licensed to do business as an agent or broker by the Texas Real Estate ordinance of common ground areas.Lien
A claim by one person or institution on the property of another as security for a debt.Mud tax
A tax imposed by a Municipal Utility District for the collection of money to repay the bonds sold for the purpose of installing utilities to a property.Origination fee
A fee charged by a lender to prepare loan documents, make credit checks, inspect and/or appraise a piece of real estate. Generally, the fee constitutes a percentage of the face value of the loan.Plat
The official map records as recorded in the County Clerk's Map Records Office that show how a community is laid out and labels specific home-sites as Lot, Block, Section, etc. for the conveyance of property by legal description instead of meets and bounds descriptions.Promissory note
A document that signifies a promise to pay back a loan.Property owners association
An association by membership of property owners for the governing and enforcement of deed restrictions of a community. Their power, purpose, and responsibilities are usually spelled out in deed restrictions.Title
Documentary evidence of ownership, specifying the history of its ownership and transfers. Title can be bought, inherited, or obtained via foreclosure of a mortgage.Variable rate mortgage
See "Adjustable Rate Mortgage"Zoning
Restrictions set by municipal or other authorities that specify which property can be put in certain areas. Clearly states conditions under which one can subdivide or build.
