Equity of redemption (also termed right of redemption or equitable right of redemption) is a defaulting mortgagor’s right to prevent foreclosure proceedings on the property and redeem the mortgaged property by discharging the debt secured by...
housing
Fair Housing Act & Fair Housing Amendments Act
The Fair Housing Act and the fair housing amendments refer to Title VIII of the Civil Rights Act of 1968 and later additions. Title VIII as set forth in 1968 prevented discrimination based on race, religion, and national origin in the selling...
fair market value
The fair market value (FMV) is the value of property as determined by the marketplace (or objective purchasers) rather than as determined by a subjective individual. This is what an informed and unpressured buyer would pay to an...
finder's fee
A finder’s fee is a commission paid to a person who identified for, brought to the attention of, or facilitated a business transaction between interested parties. In general, a finder’s fee is paid to a person that acted as an intermediary...
fixed rate mortgage
Fixed rate mortgages are the common method for purchasing homes with an interest rate that stays the same throughout the loan. These loans often are made for 15, 20, or 30 years, and while the monthly payments never change, the monthly...
flipping
Flipping is a slang term for a popular real estate investment strategy where someone buys a property at a low price and quickly resells it at a higher price. Typically, the person will make improvements to the property before attempting to...
habitable
A residence that is fit for human occupation and is free of serious defects that might pose a risk to one's health and safety is considered habitable. By law, landlords in each state must offer habitable premises and maintain them. Although...
hold harmless
Hold harmless is defined as a promise in a contract, by one party not to hold the other party responsible if the other party carries out the contract in a way that causes damage to the first party. For example, leases may include a hold...
holdover tenant
Holdover tenant refers to a renter staying in the property after their lease terminates without signing a new lease. In this situation, the landlord may take steps to remove the tenant from the property or bind the tenant to a new lease....
home warranty
Home warranty is a service contract that covers the cost of maintenance of a major housing system (for example, plumbing or electrical wiring) for a set period of time from the date a house is sold. The warranty guarantees repairs to the...