![]() ![]() ![]() These properties have usually been inspected, appraised (or orders for appraisals have been placed), and initial property maintenance services have been performed. a pane of glass that has been damaged but not broken and there is no danger of falling glass or weather damage to the property.ĭays – Unless otherwise specified, all references to “days” mean calendar days.ĭeteriorated Paint – Any interior or exterior painted surface that exhibits cracking, scaling, chipping, peeling, or loose paint.ĭefective Service – A service or deliverable that does not meet the performance standard specified in the contract for a specific performance requirement.Įlectronic Portal – A secure, electronic web-based system accessible to the Prime Contractor and Subcontractor for transferring report files, photographs and information.Įmergency Contact Sign – A visible sign on the property that provides a toll free, 24-hour telephone number to report emergencies.Įxisting Property – A property that had been assigned to a former Contractor. I suggest that you spend some time researching the Dept of HUD’s website for additional information about this very important term.Ĭracked Window – A pane of glass that is still intact but may have slight imperfections that do not amount to an opening in the glass or do not constitute a hazard, e.g. This is one of the most confusing areas of the entire business. ![]() Many of the properties you will be working on are HUD guaranteed loans. The Dept of HUD requires a property to be in conveyance condition before they will allow the mortgagee (aka the lender) to transfer the property over to them so they can be reimbursed as per HUD’s mortgage guarantee program. For a property to be in convey condition, the house and any outbuildings (garage, shed) must be secured with locksets that are coded to the proper key codes which are determined by which bank you are dealing with, all windows must either have all glass reglazed or be properly boarded (more on correct bank boarding techniques later), all exterior debris and health hazards must be removed (see definition of health hazards later in this section), any damages to the property which can cause future damage have been repaired, grass needs to be cut if it is grass cut season, the house must be properly winterized (if in season), no safety hazards, and there can be no known code violations. a window with a crack that divides a single pane into two or more pieces.īroker price opinion (BPO) – Estimate of probable selling price of a residential property based on selling prices of comparable properties in the area.Ĭash For Keys – When the bank or servicer is willing to pay the occupant of a property to vacate by a certain date.Ĭonvey Condition or Conveyance Condition – The standards a property has to meet to be considered ready for conveyance, meaning it must be undamaged by any surchargeable event, such as earthquake, flood, tornado, hurricane or fire. Properties and mortgage notes are conveyed (acquired) from a number of sources.īroken Window – A pane of glass that has a visible opening that permits entry or exposure to the elements or which is so badly cracked as to constitute a hazard, e.g. Failure to abide by restrictive covenants can result in fines and other penalties, including legal action.Adjuster Scope – An estimate prepared by an insurance adjuster (estimator) addressing specific damages covered by an insurance policy.Īdverse Occupants – Occupants who are in possession of a HUD owned or Custodial property without the legal right to be there.Īcquisition – The process through which a real property or mortgage note secured by a real property is conveyed to HUD. It may also place a cap on executive salaries. For example, a restrictive covenant may limit how much public companies pay their shareholders in dividends. Restrictive covenants were previously used to keep communities racially segregated, a practice that's now illegal.Īs the name implies, a restrictive covenant is an agreement that restricts one of the parties in a contract from taking specific actions.Restrictive covenants are enforceable, meaning they can lead to fines and even legal action if they aren't followed.In bond obligations, restrictive covenants aim to minimize default risk by limiting the amount issuers pay in investor dividends. ![]() Restrictive covenants are common in real estate transactions and apply to everything from the colors you can paint your house to how many tenants can live in a building.Restrictive covenants are clauses that prevent, prohibit, restrict, or limit the actions of a person or entity named in a contract. ![]()
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