Business Glossary-Term List

Transfers title to a property from a seller (grantor) to a recipient (grantee); provides evidence of the legal right of ownership.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

Contains data about the property sale and conveyance tax calculations. Accompanies a Conveyance Deed at the time of recording. AKA: Deed Tax Form; Conveyance Tax Return.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination, #Servicing

Arrangement between a local public housing agency (PHA) and local government under which the government gives tax-exempt status to the PHA and its property, and agrees to provide such municipal services as police and fire protection, trash removal, etc. In exchange, the PHA agrees to make payments in lieu of taxes (PILOT), usually 10% of rents collected, excluding utilities and maintenance.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

Establishes the rules for governing and operating the Cooperative (Coop) Housing Corporation.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Describes the planned revenues and expenditures of the Cooperative (Coop) for the current fiscal year.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Establishes the rights and duties of the Cooperative (Coop) and member shareholder under which the shareholder is allowed to use a certain unit in the premises.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Establishes the responsibility of the Cooperative (Coop) to notify the lender in the event of borrower default.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Confirms an individual's ownership interest in the Cooperative. AKA: Membership certificate/Perpetual Use & Equity Contract/Certificate of Ownership/Ownership Contract, Coop Stock Certificate.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination

Authorizes the lender to assign the borrowers stock certificate in case of default. AKA: Coop Stock Power.

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD, #Origination, #Servicing

The affirmative and formal action by the board of directors of a corporation approving a transaction, activity or decision.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

Informs a cosigner of a loan that they will be obligated to pay the debt if there is a default by the main borrowers on the loan.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

An itemization of all construction costs and other building and material costs for verification. Generally required in HUD/FHA multifamily insurance programs.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

A construction contract in which the contract price is equal to the cost of construction plus a profit allowance to the builder, as opposed to a fixed price contract.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

An agreement under which the contractor (in an owner-contractor agreement) or the architect (in an owner-architect agreement) is reimbursed for direct and indirect costs and, in addition, is paid a fee for services. The fee is usually a stated sum or percentage of costs.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary

Confirms that the property was constructed to CABO (Council of American Building Officials) standards. Provided by builder. AKA: CABO Certification

Term Source: LDD Document

Term Type: Document

Focus Area: #Commercial, #LDD

Confirms that the borrower has completed counseling related to their mortgage and property obligations

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Provides proof to lenders and other interested parties that clients have completed home retention counseling from a HUD-approved counseling agency. AKA: HUD-9912.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Provides proof to lenders and other interested parties that clients have completed homeownership counseling from a HUD-approved counseling agency. AKA: HUD-9911.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

Informs the borrower of certain Veterans' Affairs items of interest regarding the loan and financing eligibility. AKA: VA 26-0592.

Term Source: LDD Document

Term Type: Document

Focus Area: #LDD, #Origination

A legally enforceable promise or restriction in a mortgage. For example, the borrower may covenant to keep the property in good repair and adequately insured against fire and other casualties. A breach of covenant in a mortgage usually creates a default as defined by the mortgage, and can be the basis for foreclosure.

Term Source: MBA Glossary

Term Type: Document

Focus Area: #MBAGlossary