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
Expected market value of property if sold today. ...
Some plausible, but not completely clear-cut indication of ownership rights. It supplements a claim to title to property, but does not actually establish it. ...
A bilateral contract is a pretty straightforward term. No horseplay there. It’s a legal agreement between two individuals who both agree to do (or not to do) a specific act. The ...
A graduated payment mortgage (GMP) developed to overcome the negative amortization aspects of the GMP. The key to the FLIP mortgage is the use of the buyer's down payment. Instead of being ...
Used to support two properties; it is attached to both. ...
Law of the state establishing guidelines and requirements for constructing buildings. The standard may differ between the states. ...
A type of real estate investment trust (REIT) that does not own property but gives short-term financing for construction loans or for permanent mortgage loans for major projects. ...
(1) Written statement by a responsible individual or entity of the correctness and reliability of something. (2) Written permission to do something, such as receiving a real estate ...
You may have heard the term codicil in a conversation but might have yet to understand it entirely. What’s the codicil definition? “Codicil meaning” refers to a supplement ...
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