Future interest

A person’s present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry.

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Funding Fee

A fee required by the Department of Veterans Affairs for making a VA guaranteed loan. The funding fee is added in with the loan and then forwarded to the VA to guarantee a veteran’s loan.

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Functional obsolescence

(1) The impairment of functional capacity or efficiency; the inability of a structure to perform adequately the function for which it currently is employed. Functional obsolescence reflects the loss in value brought about by factors that affect the property, such as overcapacity, inadequacy, or changes in the art. (2) Essentially the opposite of economic obsolescence, functional […]

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Freehold estate

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.

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Fraud

A misstatement of a material fact made with intent to deceive or made with reckless disregard of the truth and that actually does deceive.

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Franchise

A private contractual agreement to run a business using a designated trade name and operating procedures.

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Foreclosure

(1) A legal procedure by which property used as security for a debt is sold to satisfy the debt in the event of default in the payment of the mortgage note or default of other terms in the mortgage document. The foreclosure procedure brings the rights of all parties to a conclusion and passes the […]

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Fixture

An article that was once personal property but has been so affixed to real estate that it has become real property.

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