Truth-in-Lending Act (TILA)
Also called Consumer Credit Protection Act of 1969 or Regulation Z. A federal statute protecting buyers. The key provision is that both the dollar amount of finance charges and the annual percentage rate (APR) must be disclosed before extending credit. The finance charge includes a disclosure of the following: interest, finder and origination fees, discount points, service charges, credit report fees and other charges paid by the consumer directly or incident which are imposed as an incident to the extension of credit. The regulation also applies to all advertising seeking to promote credit. This advertising is required to include specific information. The intent of Congress was to assist consumers with their credit decisions by providing them with specific required disclosure and does not attempt to establish minimum or maximum interest rates or other charges.
Popular Real Estate Terms
Number of range grassland acres needed to support one animal unit for a specified period of time or grazing season. ...
Commercial building having several different uses blending together. For example, retail shops are on the first floor, professional offices are on floors two through ten, and a restaurant ...
The term assessed value is used to define the dollar value of a property for the applicable taxes. The evaluator, a tax assessor, determines the property’s assessed value for tax ...
Equals the tax divided by taxable income. Foe example, if the tax is $30,000 on taxable income of $120,000 the effective tax rate if the business is 25% ($30,000/$120,000) ...
Market condition in which sellers exceed buyers, thereby causing prices to fall. In real estate, declining markets may result from unfavorable business conditions and high interest rates. ...
Unequal treatment and denial of opportunity to individuals based on race, color, creed, nationality, age, or sex. The Civil Rights Acts passed by the U.S. Congress included those of 1866, ...
First right of a party, usually a creditor, to hold, keep possession of, or control the property of another to pay a debt, duty, or obligation. ...
Claim on property by an unpaid workman or contractor. The property may be sold to recover the money owed. The legal justification of the mechanic's lien is that the labor and materials ...
You can frequently encounter “circa” in everyday discourse, referring to an approximation as an approximate date. Variations of circa are: about, near, and roughly. The ...
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