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Assessor

A public official who establishes the value of a property for taxation...

Foreclosure

The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This...

Master Association

A homeowners' association in a large condominium or planned unit development (PUD) project that is made up of representatives from...

Breach

A violation of any legal...

Rent With Option To Buy

See lease-purchase mortgage...

Grantee

The person to whom an interest in real property is...

Before-Tax Income

Income before taxes are...

Interest Rate Floor

For an adjustable-rate mortgage (ARM), the minimum interest rate, as specified in the mortgage...

Community Property

In some western and southwestern states, a form of ownership under which property acquired during a marriage is presumed to be owned...

Federal Housing Administrator

An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans...