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[A] [B] [C]
[D] [E] [F] [H]
[I] [J] [L] [M]
[N] [P] [R] [S]
[T] [W]
A
- Amortization
- The gradual paying off of a debt on an
installment basis.
- Appraisal
- An estimate of value of real estate; the
report stating and supporting the estimated value of realty.
B
- Broker
- A licensed person who negotiates the
purchase and sale of real estate for another.
C
- Closing Statement
- A statement of settlement made by a
broker or an escrow company that reflects the financial position of
the buyer and seller in that particular real estate transaction.
- Community Property
- Property accumulated and owned in common
through joint efforts of husband and wife during their marriage.
- Conventional Mortgage
- A mortgage which is not FHA insured, or
VA guaranteed.
D
- Discount Points
- A fee based on a percentage of a loan,
charged by a lender, as a service charge, or as an amount needed to
produce the same yield on an FHA or VA loan that he would receive in
the conventional mortgage market; each point charged represents 1% of
the loan amount and increase the interest rate by a 1/8 of one
percent.
E
- Earnest Money
- Initial payment made by a purchaser of
real estate as evidence of good faith.
- Economic Life
- The period of time over which a property
may be profitably used.
- Encumbrance
- A claim, lien, charge or liability
attached to and binding upon real property which affects or limits the
title thereof.
- Escrow
- The deposit of instruments and funds
with instructions to a third neutral party to carry out the provisions
of an agreement or contract.
F
- Fee Simple
- An estate in real property, by which the
owner has the greatest power over the title which it is possible to
have, being an absolute estate; an estate of inheritance belonging to
the owner, that he may dispose of, trade, or will, as he chooses.
- Fixture
- An article of personal property which
has been installed in or attached to land or building thereon, in such
a manner, that it is now considered to be a part of the real estate.
H
- Hard Money Loans
- Asset based loans. EXTREMELY fast
closings with little, or no, documentation and verification. Equity in
real estate and a repayment plan are the keys. Higher rates and fees
are to be expected.
I
- Intestate
- A person who dies without a will, or
with one which is defective in form.
J
- Joint Tenancy
- Ownership by two or more persons with
rights of survivorship; all joint tenants own equal interests and have
equal rights in the property; each owner is possessed of an undivided
part of the whole.
L
- Leasehold
- An estate or right in real property held
under a lease.
- Lien
- A right, given by law, whereby a
creditor may satisfy a debt out of the proceeds of the sale of real or
personal property belonging to the debtor; an encumbrance, usually
naming property as security for payment of a debt or for the discharge
of an obligation.
M
- Mortgage
- An instrument in writing which, when
recorded, creates a lien upon property pledged as security for the
repayment of a debt or obligation.
- Mortgage Broker
- A person or firm which acts as an
intermediary between borrower and lender.
N
- Note
- A written instrument acknowledging a
debt and promising payment.
- Probate
- An action of the court to determine the
validity and legality of a last will and testament.
R
- Recording
- The act of writing or entering an
instrument into a book of public records, which constitutes notice to
all persons of the rights or claims contained in the instrument; often
called constructive notice or legal notice.
- Rescission
- The annulling, revocation, or repealing
of a contract by mutual consent of the parties, or for cause by either
party to the contract, and returning the parties to their original
position (the "status quo").
S
- Severalty
- Sole or independent ownership.
- Survey
- The process by which a parcel of land is
measured and its area ascertained.
T
- Tenancy in Common
- Ownership by two or more persons who
hold undivided interest, without right of survivorship. Upon the death
of one tenant, his interest goes to his heirs. Interests need not be
equal, and each owner is possessed of the whole of an undivided part.
- Time Sharing
- A form of multiple ownership in which
purchasers buy specific time periods for use of the property
represented by tenancy in common interest.
- Title Insurance
- A policy of insurance which indemnifies
the holder for loss sustained by reason of a defect in the title,
provided the loss does not result from a defect excluded by the policy
provisions.
W
- Warranty Deed
- A deed in which the grantor fully
warrants a good clear title to the property; a deed that contains
covenants of title.
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