Glossary |
Terms that are on use on this site.
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| There are 152 entries in the glossary. |
| Pages: «1 2 3 4 5 6 7 » |
| Closing Costs | Expenses incurred in the transfer of real estate in addition to the purchase price such as the appraisal fee, title insurance premium, state deed tax, broker's commission, etc. |
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| Code of Ethics | Rules setting forth accepted standards of conduct which reflect principles of morality and fairness. |
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| Conditional Use Permit | Permit allowing a special use of a property where it would otherwise be prohibited by the zoning. |
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| Contingency | Provision in a contract that makes the parties' rights and obligations depend on the occurrence, or nonoccurrence, of a particular event. |
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| Contract for Deed | A contract for the sale of real property in which the buyer (vendee) pays the seller (vendor) in installments. The buyer takes immediate possession of the property, but the seller retains legal title until the contract price has been paid in full. |
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| Conventional Loan | A loan that is not insured or guaranteed by a government agency. |
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| Counteroffer | Responding to a contract offer with changes to some of the terms of the original offer. |
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| Debt Service | The amount of money to make periodic payments of principal and interest on an amortized loan. |
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| Deed | When properly executed and delivered, this document conveys title to real property from the grantor to the grantee. |
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| Deed in Lieu of Foreclosure | Deed given by a mortgage borrower to the lender for satisfaction of the debt and to avoid foreclosure. |
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| Deed Restrictions | Covenants or conditions in a deed that restrict use of the property. |
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| Deed, General Warranty | Deed in which the grantor warrants the title against defects before or during their period of ownership. |
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| Deed, Limited Warranty | Deed in which the grantor warrants title against defects only during their period of ownership. |
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| Deed, Quitclaim | Deed that conveys any interest in a property that the grantor has at the time the deed is executed. The grantor makes no warranties. |
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| Delivery | Legal transfer of a deed from the grantor to the grantee resulting in the transfer of title. |
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| Dept. of Housing & Urban Development | (Also known as HUD) Cabinet level federal agency including the FHA and Ginnie Mae. |
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| Discount Points | A percentage of the principal amount of a loan that is collected by the lender at the time the loan is originated. |
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| Easement | An irrevocable right to use some part of another person's real property for a specific purpose. |
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| Eminent Domain | Government's constitutional power to take or condemn private property for public use, as long as the owner is fairly compensated. |
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| Encroachment | Physical intrusion onto adjoining property, usually due to error regarding the boundary location. |
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| Equity | The difference between the value of a property and the liens against it. |
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| Escalation Clause | A clause providing for payment or interest adjustments if certain events occur, such as a change in the property taxes or the prime interest rate. |
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| Escape Clause | Purchase Agreement provision in an FHA or VA laon allowing the buyer to terminate the contract if the appraised value of the property is less than the agreed price. |
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| Escrow Account | A bank account which is maintained by the lender to be used for payment of property taxes and insurance premiums on the secured property. The borrower makes regular deposits (typically included the monthly payment) and the lender pays those expenses out of the account. |
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| Exclusive Right to Sell Listing | Listing agreement between broker and seller providing that seller will pay broker a commission if a buyer is found during the term of the listing. |
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Glossary V2.0 |
Real Estate Terms