Definition: A writ granted by a court of equity whereby one is required to do or to refraim from doing a specified act. Pronunciation: \in-ˈjəŋ(k)-shən\ Used in a Sentence: An injunction was issued against the homeowner for violations of the HOA rules.
Definition: To pledge real or personal property as security without delivery of title or possession. Pronunciation: \hi-ˈpä-thə-ˌkāt, hī-\ Used in a Sentence: The lender required the buyers to hypothecate the property as security for repayment of their loan.
Hud’s Settlement Cost Booklet
Definition: A booklet containing consumer information regarding closing costs the borrower may incur at closing. RESPA requires lenders to give the booklet to loan applicants. Pronunciation: Used in a Sentence: We were given our settlement cost booklet before the closing so we knew what costs we could expect to pay.
Definition: A term used to describe three separate but related situations: 1) a tax exemption, 2) a tract of land limited in size, and 3) a statutory condition designed to protect the interests of a spouse and lineal descendants. Pronunciation: \ˈhōm-ˌsted, -stid\ Used in a Sentence: Since we had a homestead exemption on our house we were able to reduce the amount of property taxes owed.
Home Equity Loan
Definition: A mortgage secured by a personal residence. It provides a line of credit available for draws when needed by the homeowner. Pronunciation: \ˈe-kwə-tē\ Used in a Sentence: We took out a home equity loan to pay for the kitchen remodel.
Highest And Best Use
Definition: An appraisal term that focuses on the most profitable legal use to which a property can be put. Pronunciation: Used in a Sentence: The vacant lot located in a business district was not employing it’s highest and best use.
Definition: Local codes that regulate maintenance and sanitation of public places. Pronunciation: \ˈhelth\ \ˈȯrd-nən(t)s, ˈȯr-də-nən(t)s\ Used in a Sentence: The health ordinance mandated the park have public restroom facilities.