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Fee Simple |
The highest estate or absolute right in real property. |
Fiduciary |
An individual or a trust institution charged with the duty of acting for the benefit of another party as to matters coming within the scope of the relationship between them. A trustee and beneficiary is an example of a fiduciary relationship. |
Final Order of Foreclosure |
A judgement which extinguishes the mortgagor's (defendant's) equity of redemption and beneficial title goes over to the mortgagee. With an equitable mortgage, the equitable estate is forfeited and transferred to the mortgagee. |
Finders Fee |
A fee or commission paid by a lender or borrower to a broker for respectively, referring or obtaining a mortgage loan. |
First Mortgage |
A mortgage registered before all others on title. |
Fiscal Policy |
The policy pursued by the Federal Government to direct the economy through taxation and the level and allocation of public spending. |
Fiscal Year |
A corporation's accounting year. Some companies do not use the calendar year for their bookkeeping. (i.e., a department sore which finds December 31st too early a date to close its books after the Christmas rush and so perhaps has a January 31st fiscal year-end). |
Fixture |
Chattels that have been annexed to the land so as to lose their character as chattels. A chattel becomes a fixture if it was affixed to improve the freehold rather than merely permit enjoyment of the chattel regardless of the degree of physical affixation. |
Flat Payment |
An all inclusive monthly payment that is calculated to include principal, interest and taxes. Under this system there is no specific breakdown as to the amounts of the principal, interest and taxes. |
Floating Rate Mortgage |
A mortgage which provides that the interest rate chargeable will change on a periodic basis during the term of the loan according to a pre-determined formula. |
Floor Loan |
A portion of a mortgage loan that may be funded upon conditions less stringent than those required for funding the full amount. For example, the floor loan, equal to perhaps 50 percent of the full amount, may be funded upon completion of construction without occupancy requirements, but substantial occupancy of the building may be required for funding the full amount of the loan. |
Forbearance |
The waiving of a covenant in a mortgage document. |
Foreclosure |
A remedy available to a mortgagor which deprives the mortgagor of his equitable right to redeem where there is default under any of the covenants in the mortgage. |
Freehold |
An estate of inheritance, or for life, existing in or arising from real property of free tenure. |
Front-End Money |
Funds required to start a development and generally advanced by the developer or equity owner as a capital contribution to the project. |
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