Adjustable Rate Mortgage (ARM): a mortgage loan that allows the interest to be changed at specific intervals over the maturity of the loan.
Conventional Loan: a fixed rate, fixed term mortgage loan.
Joint Tenancy: ownership of realty by 2 or more persons, each of whom has an undivided interest with the right of survivorship. Typically used by relatives.
Mortgagee: one who holds a lien on property or title to property, as security for a debt.
Mortgagor: the owner of real estate financed with a mortgage; one who pledges property as security for a loan.
Option to Purchase: a contract that gives the right (but not the obligation) to buy a property, within a certain time, for a specified amount, and subject to specific conditions.
Optionee: one who receives or purchases an option.
Optionor: one who gives or sells an option.
Right of Survivorship: the right of the surviving joint tenant to acquire the interest of a deceased joint owner; the distinguishing feature of both joint tenancy and tenancy by the entirety.
Tenancy at Sufferance: tenancy established when a person who had been a lawful tenant wrongfully remains in possession of the property after expiration of the lease.
Tenancy at Will: a license to use or occupy land and buildings at will of the owner. The tenant may decide to leave the property at any time or must at the landlord’s will. Agreement may be oral or written.
Tenancy by the Entirety: an estate that exists only between husband and wife with equal right of possession and enjoyment during their joint lives and with the right of survivorship—i.e., when one dies, the property goes to the surviving tenant. Recognized in some states.
Tenancy in Common: an ownership of realty by 2 or more persons, each of whom has an undivided interest, without the right of survivorship. Upon the death of one of the owners, the ownership share of the decedent is inherited by the party or parties designated in the decedent’s will.
Tenancy in Severalty: ownership of property by one person or one legal entity (corporate ownership).
