Dictionary
F
Freehold Estate
Definition: A tenancy in real property with no set end date that can be measured by the lifetime of an individual or can be inherited by heirs.
Pronunciation: \ˈfrē-ˌhōld\\i-ˈstāt\
Used in a Sentence: Fee simple is the most comprehensive freehold estate.
F
Free And Clear
Definition: Title to real property that is absolute and unburdened by any liens, mortgages, clouds or other encumbrances.
Pronunciation:
Used in a Sentence: After review the abstract of title the attorney’s opinion was the title was free and clear.
F
Freddie Mac
Definition: A secondary mortgage market institution that buys and sells conventional, FHA and VA loans.
Pronunciation:
Used in a Sentence: Two months after our closing our lender sold our mortgage to Freddie Mac.
F
Formal Hearing
Definition: A session in which testimony and evidence are presented, especially before an official.
Pronunciation: \ˈfȯr-məl\ \ˈhir-iŋ\
Used in a Sentence: The licensee requested a formal hearing to review and rule on the disputed charges.
F
Formal Contract
Definition: Any agreement that contains all the essentials of a contract, including that it is in writing and under seal, a contract that depends on a particular form.
Pronunciation: \ˈfȯr-məl\ \ˈkän-ˌtrakt\
Used in a Sentence: We had a formal contract with the broker to sell our property.
F
Formal Complaint
Definition: An outline of the charges against a licensee that must be addressed within the statutory time frame.
Pronunciation: \ˈfȯr-məl\ \kəm-ˈplānt\
Used in a Sentence: The licensee received a formal complaint that detailed the charges against him.
F
Foreclosure
Definition: A legal procedure whereby property used as security for a debt is sold to satisfy the debt owing to default in payment of the mortgage note or default in other terms of the mortgage document.
Pronunciation: \(ˌ)fȯr-ˈklō-zhər\
Used in a Sentence: Once the owner stopped making mortgage payments, the lender started foreclosure proceedings on the property.