Glossary |
Terms that are on use on this site.
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All| There are 152 entries in the glossary. |
| Pages: «1 2 3 4 5 6 7 » |
| Private Mortgage Insurance (PMI) | Insurance provided by private companies to conventional lenders for loans with loan to value ratios over 80%. |
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| Promissory Note | A written promise to repay a debt. |
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| Property | Rights of ownership to use, possess, transfer or encumber something. |
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| Proration | Proportionately dividing something such as money or an expense (utilities, taxes). |
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| Purchase agreement | Contract between seller and buyer where seller promises to convey title to real property to buyer in exchange for agreed upon purchase price. |
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| Real Estate | Land, improvements on the land and the rights that go with ownership of the land. |
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| Realtor | A real estate agent who is an active member of a state and local real estate board that is affiliated with the National Association of Realtors. |
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| Recording | The filing of a document at the county recorder's office. |
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| Rectangular Survey System | System of grids comprised of range and township lines dividing the land into townships which are then divided into sections. |
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| Redemption | A defaulting mortgagor reinstating a loan and preventing foreclosure by paying all delinquent amounts, plus costs. |
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| Redemption, Equitable Right of | A mortgagor having the right to cure the default and reinstate a loan prior to the foreclosure sale. |
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| Redemption, Statutory Right of | A mortgagor having the right to keep their property after the foreclosure sale by paying the amount that the highest bidder at the sale paid, plus interest and expenses. |
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| Reinstate | Preventing foreclosure by curing the default. |
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| Release | A document in which a legal right is given up. |
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| RESPA | Real Estate Settlement Procedures Act. |
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| Restriction, Deed | Restrictive covenant in a deed. |
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| Right of Way | An easement which allows the holder the right to cross another person's land. |
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| Satisfaction of Mortgage | Document that the mortgagee gives the mortgagor when the mortgage debt has been paid in full. This document should always be recorded. |
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| Secondary Mortgage Market | The market in which investors purchase real estate loans from lenders (Fannie Mae, Freddie Mac and Ginnie Mae). |
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| Section | A section is one mile square and contains 640 acres. There are 36 sections in a township. |
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| Setback Requirements | The distance from the property line that structures can be built per provisions in a zoning ordinance. |
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| Settlement | Closing. |
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| Settlement Statement | The document that gives a final, detailed accounting for a real estate transaction. It lists the seller's and buyer's debits and credits and the amount each will receive or be required to pay at closing. |
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| Sheriff's Sale | Foreclosure sale. |
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| Special Assessment | Tax levied against those properties that benefit from a public improvement to cover the cost of the improvement. |
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Glossary V2.0 |
Real Estate Terms