Real Estate Glossary |
| A| B| C| D| E| F| G| H| I| J| K| L| M| N| O| P| Q| R| S| T| U| V| W| X| Y| Z |
A
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| Amenity |
| A feature of the home or property that serves as
a benefit to the buyer but that is not necessary to its use;
may be natural (such as location, woods, water) or man-made
(such as a swimming pool or garden). |
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| Amortization |
| repayment of a mortgage loan through monthly
installments of principal and interest; the monthly payment
amount is based on a schedule that will allow you to own your
home at the end of a specific time period (for example, 15 or
30 years) |
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| Annual Percentage Rate
(APR) |
| calculated by using a standard formula, the APR
shows the cost of a loan; expressed as a yearly interest rate,
it includes the interest, points, mortgage insurance, and
other fees associated with the loan. |
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| Application |
| the first step in the official loan approval
process; this form is used to record important information
about the potential borrower necessary to the underwriting
process. |
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Appraisal |
| a document that gives an estimate of a
property's fair market value; an appraisal is generally
required by a lender before loan approval to ensure that the
mortgage loan amount is not more than the value of the
property. |
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Appraiser |
| A qualified individual who uses his or her
experience and knowledge to prepare the appraisal estimate. |
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ARM |
| Adjustable Rate Mortgage; a mortgage loan
subject to changes in interest rates; when rates change, ARM
monthly payments increase or decrease at intervals determined
by the lender; the change in monthly payment amount, however,
is usually subject to a Cap. |
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Assessor |
| a government official who is responsible for
determining the value of a property for the purpose of
taxation. |
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Assumable mortgage |
| a mortgage that can be transferred from a seller
to a buyer; once the loan is assumed by the buyer the seller
is no longer responsible for repaying it; there may be a fee
and/or a credit package involved in the transfer of an
assumable mortgage. |
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B
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Balloon Mortgage |
| A mortgage that typically offers low rates for
an initial period of time (usually 5, 7, or 10) years; after
that time period elapses, the balance is due or is refinanced
by the borrower. |
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Bankruptcy |
| a federal law whereby a person's assets are
turned over to a trustee and used to pay off outstanding
debts; this usually occurs when someone owes more than they
have the ability to repay. |
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Borrower |
| a person who has been approved to receive a loan
and is then obligated to repay it and any additional fees
according to the loan terms. |
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Building code |
| Based on agreed upon safety standards within a
specific area, a building code is a regulation that determines
the design, construction, and materials used in building. |
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Budget |
| A detailed record of all income earned and spent
during a specific period of time. |
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C
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Cap |
| A limit, such as that placed on an adjustable
rate mortgage, on how much a monthly payment or interest rate
can increase or decrease. |
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Cash
reserves |
| A cash amount sometimes required to be held in
reserve in addition to the down payment and closing costs; the
amount is determined by the lender. |
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Certificate of
title |
| A document provided by a qualified source (such
as a title company) that shows the property legally belongs to
the current owner; before the title is transferred at closing,
it should be clear and free of all liens or other claims. |
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Closing |
| Also known as settlement, this is the time at
which the property is formally sold and transferred from the
seller to the buyer; it is at this time that the borrower
takes on the loan obligation, pays all closing costs, and
receives title from the seller. |
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Closing
Costs |
| Customary costs above and beyond the sale price
of the property that must be paid to cover the transfer of
ownership at closing; these costs generally vary by geographic
location and are typically detailed to the borrower after
submission of a loan application. |
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Commission |
| An amount, usually a percentage of the property
sales price, that is collected by a real estate professional
as a fee for negotiating the transaction. |
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Condominium |
| A form of ownership in which individuals
purchase and own a unit of housing in a multi-unit complex;
the owner also shares financial responsibility for common
areas. |
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Conventional
loan |
| A private sector loan, one that is not
guaranteed or insured by the U.S. government. |
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Cooperative (Co-op) |
| residents purchase stock in a cooperative
corporation that owns a structure; each stockholder is then
entitled to live in a specific unit of the structure and is
responsible for paying a portion of the loan. |
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Credit History |
| History of an individual's debt payment; lenders
use this information to gauge a potential borrower's ability
to repay a loan. |
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Credit Report |
| A record that lists all past and present debts
and the timeliness of their repayment; it documents an
individual's credit history. |
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Credit
bureau score |
| a number representing the possibility a borrower
may default; it is based upon credit history and is used to
determine ability to qualify for a mortgage loan. |
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D
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| Debt-to-Income ratio |
| A comparison of gross income to housing and
non-housing expenses. With the FHA, the-monthly mortgage
payment should be no more than 29% of monthly gross income
(before taxes) and the mortgage payment combined with
non-housing debts should not exceed 41% of income. |
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| Deed |
| The document that transfers ownership of a
property. |
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| Deed-in-lieu |
| to avoid foreclosure ("in lieu" of foreclosure),
a deed is given to the lender to fulfill the obligation to
repay the debt; this process doesn't allow the borrower to
remain in the house but helps avoid the costs, time, and
effort associated with foreclosure. |
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| Default |
| The inability to pay monthly mortgage payments
in a timely manner or to otherwise meet the mortgage terms. |
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| Delinquency |
| Failure of a borrower to make timely mortgage
payments under a loan agreement. |
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| Discount point |
| normally paid at closing and generally
calculated to be equivalent to 1% of the total loan amount,
discount points are paid to reduce the interest rate on a
loan. |
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| Down payment |
| The portion of a home's purchase price that is
paid in cash and is not part of the mortgage loan. |
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E
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| Earnest money |
| Money put down by a potential buyer to show that
he or she is serious about purchasing the home; it becomes
part of the down payment if the offer is accepted, is returned
if the offer is rejected, or is forfeited if the buyer pulls
out of the deal. |
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| EEM |
| Energy Efficient Mortgage; an FHA program that
helps homebuyers save money on utility bills by enabling them
to finance the cost of adding energy efficiency features to a
new or existing home as part of the home purchase. |
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| Equity |
| An owner's financial interest in a property;
calculated by subtracting the amount still owed on the
mortgage loan(s)from the fair market value of the property. |
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| Escrow account |
| A trust account created by a third party to hold
money. A mortgage escrow account is an account set-up to pay
taxes and insurance. Monthly mortgage payments may include
1/12 of annual property taxes and insurance. When the bills
comes due, lenders use the money in the escrow account to pay
them. |
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F
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| Fair Housing Act |
| A law that prohibits discrimination in all
facets of the home buying process on the basis of race, color,
national origin, religion, sex, familial status, or
disability. |
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| Fair market
value |
| The hypothetical price that a willing buyer and
seller will agree upon when they are acting freely, carefully,
and with complete knowledge of the situation. |
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| Fannie Mae |
| Federal National Mortgage Association (FNMA); a
federally-chartered enterprise owned by private stockholders
that purchases residential mortgages and converts them into
securities for sale to investors; by purchasing mortgages,
Fannie Mae supplies funds that lenders may loan to potential
homebuyers. |
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| Federal Housing
Administration (FHA) |
| Federal Housing Administration; established in
1934 to advance homeownership opportunities for all Americans;
assists homebuyers by providing mortgage insurance to lenders
to cover most losses that may occur when a borrower defaults;
this encourages lenders to make loans to borrowers who might
not qualify for conventional mortgages. |
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| Fixed-rate mortgage |
| A mortgage with payments that remain the same
throughout the life of the loan because the interest rate and
other terms are fixed and do not change. |
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| Flood insurance |
| Insurance that protects homeowners against
losses from a flood; if a home is located in a flood plain,
the lender will require flood insurance before approving a
loan. |
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| Foreclosure |
| A legal process in which mortgaged property is
sold to pay the loan of the defaulting borrower. |
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| Freddie Mac |
| Federal Home Loan Mortgage Corporation (FHLM); a
federally-chartered corporation that purchases residential
mortgages, securitizes them, and sells them to investors; this
provides lenders with funds for new homebuyers. |
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G
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| Ginnie Mae |
| Government National Mortgage Association (GNMA);
a government-owned corporation overseen by the U.S. Department
of Housing and Urban Development, Ginnie Mae pools FHA-insured
and VA-guaranteed loans to back securities for private
investment; as With Fannie Mae and Freddie Mac, the investment
income provides funding that may then be lent to eligible
borrowers by lenders. |
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| Good Faith Estimate |
| an estimate of all closing fees including
pre-paid and escrow items as well as lender charges; must be
given to the borrower within three days after submission of a
loan application. |
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H
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| HELP |
| Homebuyer Education Learning Program; an
educational program from the FHA that counsels people about
the homebuying process; HELP covers topics such as budgeting,
finding a home, getting a loan, and home maintenance; in most
cases, completion of the program may entitle the homebuyer to
a reduced initial FHA mortgage insurance premium-from 2.25% to
1.75% of the home purchase price. |
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| Home
inspection |
| An examination of the structure and mechanical
systems to determine a home's safety; makes the potential
homebuyer aware of any repairs that may be needed. |
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| Home warranty |
| Offers protection for mechanical systems and
attached appliances against unexpected repairs not covered by
homeowner's insurance; overage extends over a specific time
period and does not cover the home's structure. |
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| Homeowner's
insurance |
| an insurance policy that combines protection
against damage to a dwelling and it's contents with protection
against claims of negligence or inappropriate action that
results in someone's injury or property damage. |
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| Housing counseling agency |
| provides counseling and assistance to
individuals on a variety of issues, including loan default,
fair housing, and home buying. |
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| HUD |
| The U.S. Department of Housing and Urban
Development; established in 1965, HUD works to create a decent
home and suitable living environment for all Americans; it
does this by addressing housing needs, improving and
developing American communities, and enforcing fair housing
laws. |
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| HUD1 Statement |
| also known as the "settlement sheet," it
itemizes all closing costs; must be given to the borrower at
or before closing. |
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| HVAC |
| Heating, Ventilation and Air Conditioning; a
home's heating and cooling system. |
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I
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| Index |
| A measurement used by lenders to determine
changes to the interest rate charged on an adjustable rate
mortgage. |
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| Inflation |
| The number of dollars in circulation exceeds the
amount of goods and services available for purchase; inflation
results in a decrease in the dollar's value. |
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| Interest |
| A fee charged for the use of money. |
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| Interest rate |
| The amount of interest charged on a monthly loan
payment; usually expressed as a percentage. |
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| Insurance |
| Protection against a specific loss over a period
of time that is secured by the payment of a regularly
scheduled premium. |
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J
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| Judgment |
| A legal decision; when requiring debt repayment,
a judgment may include a property lien that secures the
creditor's claim by providing a collateral source. |
Joint venture: |
| An investment entity formed by one or more entities to acquire or develop and manage real property and/or other assets |
| Just compensation: |
| Compensation that is fair to both the owner and the public when property is taken for public use through condemnation (eminent domain) |
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K
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L
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| Lease purchase |
| Assists low to moderate income homebuyers in
purchasing a home by allowing them to lease a home with an
option to buy; the rent payment is made up of the monthly
rental payment plus an additional amount that is credited to
an account for use as a down payment. |
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| Lien |
| A legal claim against property that must be
satisfied when the property is sold. |
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| Loan |
| Money borrowed that is usually repaid with
interest. |
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| Loan fraud |
| purposely giving incorrect information on a loan
application in order to better qualify for a loan; may result
in civil liability or criminal penalties. |
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Late Charge:
A fee a lender imposes on a borrower when the borrower does not make a payment on time.
Lease agreement:
The formal legal document entered into between a landlord and a tenant to reflect the terms of the negotiations between them
Leasehold interest:
The right to hold or use property for a fixed period of time at a given price, without transfer of ownership
Legal description:
A geographical description identifying a parcel by government survey, metes and bounds, or lot numbers of a recorded plat including a description of any portion that is subject to an easement or reservation
Legal owner:
The legal owner has title to the property, although the title may actually carry no rights to the property other than as a lien. |
Letter of Intent:
A preliminary agreement stating the proposed terms for a final contract. See also LOI
Leverage:
The use of credit to finance a portion of the costs of purchasing or developing a real estate investment. Positive leverage occurs when the interest rate is lower than the capitalization rate or projected internal rate of return. Negative leverage occurs when the current return on equity is diminished by the employment of debt.
LIBOR (London InterBank Offered Rate):
The interest rate offered on Eurodollar deposits traded between banks, also called swaps
Lien:
A claim or encumbrance against property used to secure a debt, a charge or the performance of some act
Lien waiver:
Waiver of a mechanic's lien rights that is often required before the general contractor can receive a draw under the payment provisions of a construction contract. It may also be required before the owner can receive a draw on a construction loan.
Like-kind property:
Term used in an exchange of property held for productive use in a trade or business or for investment. Unless cash is received, the tax consequences of the exchange are postponed pursuant to Section 1031 of the Internal Revenue Code.
Limited partnership:
Type of partnership comprised of one or more general partners who manage the business and are personally liable for partnership debts, and one or more limited partners who contribute capital and share in profits but who take no part in running the business and incur no liability above the amount contributed.
Listing agreements
- Exclusive right-to-sell agreement, the seller pays a fee regardless of who produces the buyer. This fee covers many important services that the sales associate performs above and beyond finding a qualified buyer.
- If the seller finds a buyer, he or she is not obligated to pay the fee in exclusive-agency listing. If the sales associate finds a buyer, then the fee is paid to the real estate company.
- Open listing is one in which you sign with several real estate firms and give each authority to sell your home. It is typically less effective than exclusive listing because the sales associate lacks the incentive to make and all-out effort to sell your home.
Listing contract A contract with the broker or firm you hire to represent you in the sale of your home, according to the terms of the sale that you specify. In exchange for producing a ready, willing and able buyer for you, the sales associate is paid a commission.
Loan application fee A lender's fee that you must pay when applying for a mortgage.
Loan origination fee A fee, usually one to four points, charged by the lender for processing your mortgage. Listing agreement: An agreement between the owner of a property and a real estate broker giving the broker authorization to attempt to sell or lease the property at a certain price and terms in return for a commission, set fee or other form of compensation.
Loan-to-value ratio (LTV): The ratio of the value of the loan principal divided by the property's appraised value
Loan Commitment: A promise by a lender or other financial institution to make or insure a loan for a specified amount and on specific terms.
Lock-in:
When interest rates are volatile, borrowers want to "lock in" an interest rate and many lenders will oblige, setting a limit on the amount of time the lock-in is in effect.
Lot: Generally one of several contiguous parcels of land making up a fractional part or subdivision of a block, the boundaries of which are shown on recorded maps and plats
Loss
mitigation
a process to avoid foreclosure; the lender tries
to help a borrower who has been unable to make loan payments
and is in danger of defaulting on his or her loan |
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M
Margin Most lenders will offer adjustable-rate mortgages that state a margin which is added to the index to get the rate upon which payments are based. Market value: The highest price a property would command in a competitive and open market under all conditions requisite to a fair sale. Marketable title: A title free from encumbrances that could be readily marketed to a willing purchaser. Maturity date: The date when the total principal balance comes due.
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Mechanic's lien: A claim created for the purpose of securing priority of payment of the price and value of work performed and materials furnished in constructing, repairing or improving a building or other structure Metes and bounds: The boundary lines of land described by listing the compass directions and distances of the boundaries. Originally, metes referred to distance and bounds referred to direction. Mortgage: A legal document by which real property is pledged as security for repayment of a loan until the debt is repaid in full. > |
Mortgage Acceleration Clause: A clause which allows a lender to demand that the entire balance of the loan be repaid in a lump sum under certain circumstances. The acceleration clause is usually triggered if the home is sold, title to the property is changed, the loan is refinanced or the borrower defaults on a scheduled payment.
Mortgage Broker: Company or Individual that matches lenders with prospective borrowers who meet the lender's criteria. The mortgage broker does not make the loan, but receives payment (a percentage or "point") from the lender for services.
Mortgage Insurance: Required by lenders in some loans to protect them from a possible default . All conventional loans with less than a 20 percent down payments require private mortgage insurance, or PMI. Mortgage Interest Deduction: The tax write-off that the Internal Revenue Service allows most owners to claim for the annual interest payments they make on their real estate loans.
Motivated (Buyer or Seller) - Someone who is a "must" buy or sell situation - divorce, job transfer etc. > Learn more about BUYING A HOME.
Multiple Listing Service (MLS) A networking system, frequently on computer, in which a number of real estate firms share information about their clients' houses that are for sale. Most Residential realtors belong to a local service. |
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N
National Association of REALTORS® Founded in 1908, NAR has grown to 720,000 members. NAR is composed of residential and commercial REALTORS®, who are brokers, salespeople, property managers, appraisers, counselors and others engaged in real. REALTORS® are pledged to a strict Code of Ethics and Standards of Practice. Net investment in real estate: Gross investment in real estate less the outstanding debt balance Net purchase price: Gross purchase price less associated debt financing
Net sales proceeds: Proceeds from the sale of an asset or part of an asset less brokerage commissions, closing costs and market expenses Net square footage: The space required for a function or staff position
No Cash Out Refinance: The amount of the new mortgage covers the remaining balance of the first loan, closing costs, any liens. The borrower typically may not "cash out" more than 1 percent of the principal on the new loan.
No Documentation (No-Doc) Loan: A loan application that does not require verification of income but typically is granted in cases of large down payments. May also require a higher interest rate and credit verification.
Non-compete clause: A clause that can be inserted into a lease specifying that the business of the tenant is exclusive in the property and that no other tenant operating the same or similar type of business can occupy space in the building. This clause benefits service-oriented businesses desiring exclusive access to the building's population. Non-discretionary funds: Funds allocated to an investment manager requiring the investor's approval on each transaction |
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O
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| Offer |
| indication by a potential buyer of a willingness
to purchase a home at a specific price; generally put forth in
writing. |
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| Origination |
| the process of preparing, submitting, and
evaluating a loan application; generally includes a credit
check, verification of employment, and a property appraisal. |
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| Origination
fee |
| The charge for originating a loan; is usually
calculated in the form of points and paid at closing. |
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P
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| Partial Claim |
| a loss mitigation option offered by the FHA that
allows a borrower, with help from a lender, to get an
interest-free loan from HUD to bring their mortgage payments
up to date. |
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| PITI |
| Principal, Interest, Taxes, and Insurance - the
four elements of a monthly mortgage payment; payments of
principal and interest go directly towards repaying the loan
while the portion that covers taxes and insurance (homeowner's
and mortgage, if applicable) goes into an escrow account to
cover the fees when they are due. |
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| PMI |
| Private Mortgage Insurance; privately-owned
companies that offer standard and special affordable mortgage
insurance programs for qualified borrowers with down payments
of less than 20% of a purchase price. |
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| Pre-approve |
| lender commits to lend to a potential borrower;
commitment remains as long as the borrower still meets the
qualification requirements at the time of purchase. |
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| Pre-foreclosure
sale |
| Allows a defaulting borrower to sell the
mortgaged property to satisfy the loan and avoid foreclosure. |
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| Pre-qualify |
| A lender informally determines the maximum
amount an individual is eligible to borrow. |
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| Premium |
| An amount paid on a regular schedule by a
policyholder that maintains insurance coverage. |
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| Prepayment |
| Payment of the mortgage loan before the
scheduled due date; may be subject to a prepayment penalty. |
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| Principal |
| The amount borrowed from a lender; doesn't
include interest or additional fees. |
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Q
Qualifying Ratios:
Lenders compute qualifying ratios to determine how much a potential buyer can borrow. Quitclaim deed:
A deed operating as a release that is intended to pass any title, interest or claim that the grantor may have in the property, but not guaranteeing such title is valid. |
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R
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| Radon |
| A radioactive gas found in some homes that, if
occurring in strong enough concentrations, can cause health
problems. |
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| Real estate agent |
| An individual who is licensed to negotiate and
arrange real estate sales; works for a real estate broker. |
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| Realtor |
| A real estate agent or broker who is a member of
the NATIONAL ASSOCIATION OF REALTORS®, and its local and state
associations. |
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| Refinancing |
| Paying off one loan by obtaining another;
refinancing is generally done to secure better loan terms
(such as a lower interest rate). |
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| Rehabilitation
mortgage |
| a mortgage that covers the costs of
rehabilitating (repairing or improving) a property; some
rehabilitation mortgages such as the FHA's 203(k) allow a
borrower to roll the costs of rehabilitation and home purchase
into one mortgage loan. |
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| RESPA |
| Real Estate Settlement Procedures Act; a law
protecting consumers from abuses during the residential real
estate purchase and loan process by requiring lenders to
disclose all settlement costs, practices, and relationships |
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S
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| Settlement |
| Another name for closing |
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| Special Forbearance |
| A loss mitigation option where the lender
arranges a revised repayment plan for the borrower that may
include a temporary reduction or suspension of monthly loan
payments. |
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| Subordinate |
| To place in a rank of lesser importance or to
make one claim secondary to another. |
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| Survey |
| A property diagram that indicates legal
boundaries, easements, encroachments, rights of way,
improvement locations, etc. |
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| Sweat equity |
| Using labor to build or improve a property as
part of the down payment. |
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T
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| Title 1 |
| an FHA-insured loan that allows a borrower to
make non-luxury improvements (such as renovations or repairs)
to their home; Title I loans less than $7,500 don't require a
property lien. |
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| Title
insurance |
| Insurance that protects the lender against any
claims that arise from arguments about ownership of the
property; also available for homebuyers. |
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| Title search |
| A check of public records to be sure that the
seller is the recognized owner of the real estate and that
there are no unsettled liens or other claims against the
property. |
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| Truth-in-Lending |
| A federal law obligating a lender to give full
written disclosure of all fees, terms, and conditions
associated with the loan initial period and then adjusts to
another rate that lasts for the term of the loan. |
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| Truth-in-Lending |
| A federal law obligating a lender to give fuII
written disclosure of aII fees, terms, and conditions
associated with the loan initial period and then adjusts to
another rate that lasts for the term of the loan. |
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U
Under contract:
The period of time after a seller has accepted a buyer's offer to purchase a property and during which the buyer is able to perform its due diligence and finalize financing arrangements. During this time, the seller is precluded from entertaining offers from other buyers.
Underwriter:
A company that guarantees or participates in a guarantee that an entire issue of stocks or bonds will be purchased
Underwriting
The process of analyzing a loan application to
determine the amount of risk involved in making the loan; it
includes a review of the potential borrower's credit history
and a judgment of the property value.
Unencumbered:
Property that is free of liens and other encumbrances.
Unimproved land:
Most commonly refers to land without improvements or buildings but also can mean land in its natural state.
U.S. Department. of Housing and Urban Development (HUD):
A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs. HUD's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. To fulfill this mission, HUD will embrace high standards of ethics, management and accountability and forge new partnerships particularly with faith-based and community organizations that leverage resources and improve HUD's ability to be effective on the community level.
HUD offers many forms of assistance through many programs and organizations. Following are some examples offered by HUD. Check with your local community offices or with a local charity in your area. Homes, when available, are usually offered to a local organization for rehabilitation.
Use:
The specific purpose for which a parcel or a building is intended to be used or for which it has been designed or arranged.
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V
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| VA |
Department of Veterans Affairs: a federal agency
which guarantees loans made to veterans; similar to mortgage
insurance, a loan guarantee protects lenders against loss that
may result from a borrower default.
Vacancy rate:
The total amount of available space compared to the total inventory of space and expressed as a percentage
Variance:
Permission that allows a property owner to depart from the literal requirements of a zoning ordinance that, because of special circumstances, cause a unique hardship. Applicant must prove a need or fault. |
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W
Write-off:
The accounting procedure used when an asset has been determined to be uncollectible and is therefore charged as a loss. |
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X
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Y
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Yield:
The effective return on an investment, as paid in dividends or interest |
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Z
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Zoning:
The division of a city or town into zones and the application of regulations having to do with the architectural design and structural and intended uses of buildings within such zones
Zoning ordinance:
The set of laws and regulations controlling the use of land and construction of improvements in a given area or zone |
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