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1. present value cost
The cost in currently valued dollars of funds to be expended over a period of time, usually a number of years, less the net of any funds to be repaid. It is adjusted to compensate for the loss or gain of the opportunity to invest the funds rather than spend them - that is, compensate for the dollars' estimated earning potential in alternative uses. For example, the present value cost is reduced by the amount of income the funds are expected to earn until they are disbursed and increased to compensate for the loss of earnings thereafter, or until such time as the funds are repaid. Present value cost is used by federal regulators to estimate the impact on the thrift insurance fund of alternative solutions to troubled thrift institutions.

2. firm commitment
A lender's agreement to make a loan to a specific borrower on a specific property.

3. deed
A written agreement in proper legal form that conveys title to, or an interest in, real property.

4. government survey system
The land survey system adopted by the U.S. government in 1785 and based on the geographic north-south lines of longitude (meridians) and the east-west lines of latitude (parallels). Each region of the country was assigned a specific meridian and parallel as a reference point; these special meridians were generally referred to as principal meridians, while parallels were referred to as base lines. The land was divided into a grid of 24 miles square by additional parallels known as correction lines, and meridians known as guide meridians. Additional imaginary east-west township lines and north-south range lines divide the land into six-mile square townships. Each township is divided into 36 one-mile square sections.

5. negotiable order of withdrawal (NOW) account
A savings account with characteristics of a checking account. An account holder can withdraw funds by writing a negotiable order of withdrawal payable to a third party. NOW accounts may earn interest.