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Equity
An owner's financial interest in a property; calculated by subtracting the amount still owed on the mortgage loon(s)from the fair market value of the property.
Federally Assisted Projects
A federally assisted project is one which receives Federal reimbursement or payment of some project expenses such as planning, construction, right-of-way acquisition, and property management.
30-Day Notice
This is a notice that may be given to a person who will be required to move a residence, business or personal property as a result of your agency's project.
Alternate Dispute Resolution (ADR)
A range of different forums and processes which can be utilized to resolve a dispute. We focus on two forms of ADR in this guide which might be used to negotiate a settlement: administrative settlements and mediation.
Down payment
The portion of a home's purchase price that is paid in cash and is not part of the mortgage loan.
Fair Market Value
The price which a willing buyer will pay a willing seller for a piece of real estate.
Interest rate
The amount of interest charged on a monthly loan payment; usually expressed as a percentage.
Amortization
Repayment of a mortgage loan through monthly installments of principal and interest; the monthly payment amount is based on a schedule that will allow you to own your home at the end of a specific time period (for example, 15 or 30 years)
Deed
The document that transfers ownership of a property
Closing
Also known as settlement, this is the time at which the property is formally sold and transferred from the seller to the buyer; it is at this time that the borrower takes on the loan obligation, pays all closing costs, and receives title from the seller.
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