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
A ground lease that includes only the cost of leasing the land for a period of years. Normally, a land lease is valid for an extended period of time anticipating that improvements will be ...
The meaning of commercial acre in the United States defines the remaining part of an acre of a newly divided land once curbs, streets, and boardwalks have been separated from the original ...
Projecting structure or part of a building. For example, a home was built with balconies jutting out from the sides of the building or a large rock formation constructed out into the ocean ...
Subdivided acreage with utilities usually situated within or adjacent to established communities. ...
An additional fee imposed by lenders on home mortgages payable in cash at the time of the closing. ...
Multiple Listing is the kind of Listing that is registered by a broker or a real estate agent at the Multiple Listing System (MLS). If a house is directly sold by an owner – the ...
A life estate right of a widow on the demise of her husband, if he dies intestate, to all his lands and possessions for her and her children's support. If she dissents from his will, the ...
A fiduciary intermingling a clients funds or one who is entrusted with funds and groups them with those of his own. This practice is considered a breach of a fiduciary relationship and a ...
Date of the valuation of property, usually contained in a report. ...
Have a question or comment?
We're here to help.