An instrument used in many states in place of a mortgage. Property is transferred to a trustee by the borrower (trustor) in favor of the lender (beneficiary), and reconveyed upon payment in full.

Documentation that refers to certain terms and conditions and which, for example, complies with the banks’ disclosure requirements (for example potential closing costs, insurances, interest rates, etc.).

Up front fee charged by the lender to determine mortgage yield. (Sometimes referred to as a “Permanent Buydown”)

A tax levied on the transfer of a property calculated by a percentage. In Florida are charges on the mortgage and on the deed. Each state and county may vary.