| Term | Definition |
|---|
| forfeiture | The loss of property or a privilege due to breaking a law. For example, a landlord may forfeit his or her property to the federal or state government if the landlord knows it is a drug-dealing site but fails to stop the illegal activity. Likewise, a homeowner may lose his house to satisfy IRS debts or if the government suspects the home was bought with money derived from criminal acts. The government may seize and sell the property at auction, often far below its fair market value, before the homeowner has been allowed the due process of a trial. If the homeowner is found not guilty, the government is only required to pay back the amount received at auction, and not the market value. |
| fraud | A misstatement of a material fact made with intent to deceive or made with reckless disregard of the truth, and which actually does deceive. |
| Freddie Mac | Chartered by Congress in 1970, Freddie Mac is a publicly held corporation that purchases mortgages in the secondary mortgage market. Freddie Mac came into being as the Federal Home Loan Mortgage Corporation (FHLMC) with the mission to create a continuous flow of funds to mortgage lenders. By supplying lenders with the money to make mortgages and packaging the mortgages into marketable securities which are sold to investors, Freddie Mac also helps to sustain a stable mortgage credit system which in turn, reduces the mortgage rates paid by homebuyers. Over the years, Freddie Mac has been responsible for opening the door to homeownership for one out of six home buyers in America who would not have qualified otherwise. |
| front foot | One linear foot (12 inches) along the street side of a lot. |
| FSBO | Acronym - For Sale By Owner |
| functional obsolescence | Loss of value of real property caused by modernization or changing tastes or standards; e.g.. single bath, inadequate closet space, etc. Contrast with economic obsolescence. |
| garden home | See patio home |
| gated community | A neighborhood or group of neighborhoods, usually surrounded by masonary walls, restricting access through the use of a manned guard station or electronically operated gates. The electronic gates may be opened through the use of individual remote controls and/or a numeric keypad and code. Some gated communities restrict entry at all times, while others only limit access during the evening hours. The costs associated with maintaining a manned guard gate can significantly impact monthly maintenance fees, depending on the size of the community. |
| general lien | A lien that includes all the property owned by a debtor, rather than a specific property. Contrast with Specific Lien. |
| general warranty deed | A deed in which the grantor fully warrants good and clear title to the property. A general warranty deed offers the most protection of any deed. |
