Truth-in-Lending Act at Real Estate Glossary

What is it? A federal law that protects consumers in a variety of ways. One of its key provisions allows a consumer to cancel a home-improvement loan, second mortgage or other loan if the home was pledged as security (except for a first mortgage or first trust deed) until midnight of the third business day after the contract was signed.

Real Estate Definition Added By: Jake

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Other Similar Real Estate Terms:

Real Estate Term Wraparound mortgage is A loan to a buyer for the remaining balance on a sellers first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.

Real Estate Term Retainer is Retainer is a professional relationship between an advisor and a client in which a client engages the services of a professional through payment of a fee. The professionals obligation is to provide advice or services as needed by the client.

Real Estate Term Pollution is Any substances in water, soil, or air that degrades the natural quality of the environment, offends the senses of sight, taste or smell, or causes a health hazard. The usefulness of the natural resource is usually impaired by the presence of pollutants an

Real Estate Term Primer is The initial coat of paint that is applied before the final topcoat.

Real Estate Term Gag rules is A provision in contracts signed by new buyers that prohibits the owners from publicizing complaints about the builder.