| Percolation Tests |
|
| A percolation test, or "perc test," is performed on undeveloped land in order to determine whether the land is absorbent enough to support the installation of a septic system. Typically, the test is performed by a hydraulic engineer. More... |
|
|
| Community Property |
|
| The origins of the concept of community property are ancient. Briefly said, the phrase "community property" refers to a form of property ownership that exists between a husband and a wife in which each party has a one-half interest in all property acquired by the labor of either party during the course of the parties' marriage. Perhaps the most widely recognized form of community property is the amount of wages earned by one party during the course of a marriage. Several states, mostly clustered in the southwestern United States, continue to recognize the concept of community property. More... |
|
|
| Mortgage Loans with Balloon Payments |
|
| A mortgage loan with a balloon payment provision is very different from a traditional mortgage loan. Usually, mortgage loans with balloon payment provisions are second mortgages as opposed to first mortgages (also known as purchase-money mortgages). More... |
|
|
| Wrap-Around Mortgages |
|
| A wrap-around mortgage refers to a type of loan transaction. With a wrap-around mortgage, a lender (often the seller of property) assumes or continues responsibility for an existing mortgage and makes a new mortgage for an additional sum which essentially "wraps" around the old mortgage, because the lender will make the payments on the old mortgage.
More... |
|
|
| Land Sale Scams |
|
| A land sale scam, sometimes referred to as a dirt pile scam, refers to any transaction in which a seller of property convinces a buyer to buy property with a low value or no value for an excessive price. More... |
|
|