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HUD Housing and Urban Development. A U.S. government agency established to implement federal housing and community development programs; oversees the Federal Housing Administration. EASEMENT A property interest which one person has in land owned by another entitling the holder of the interest to limited use or enjoyment of the other's land. INDEX A published rate used by lenders that serves as the basis for determining interest rate changes on ARM loans. POINT OF BEGINNING The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument. NON-COMPETITION CLAUSE A provision in a contract or lease prohibiting a person from operating or controlling a nearby business which would compete with one of the parties to the contract. JURISDICTION The authority or power to act, such as the authority of a court to hear and render a decision that binds both parties. IMPLIED WARRANTY OF HABITABILITY A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease. DEPTH TABLE Tables of percentage designed to provide a uniform system of measuring the additional value to lots which accrues because of added depth, with the extra depth valued according to the added utility which it creates. MORTGAGE BROKER A person or firm which acts as an intermediary between borrower and lender; one who, for compensation or gain, negotiates, sells or arranges loans and sometimes continues to service the loans. |
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