This is a go to guide for agents, investors, or first time home-buyers when they are confused on certain real estate terms. This guide is not limited to just Alabama but has a broad application across the United States as a whole.
It is just that we are located in Huntsville, Alabama so we made this "Dictionary" to hopefully help any local people located in Huntsville, Alabama with the common real estate jargon and terms.
So whether you are in Huntsville, Alabama or Seattle Washington we hope that you find our Ultimate Guide useful
There are many other such guides as this, however, our guide is different. We open the terms wider and give a more complete definition and understanding than the other guides that merely define the terms.
Without further ado, let's jump right in, shall we?
Abutting is an archaic term used by real estate agents and brokers to mean bordering. It is correct to say that a house abuts another house or abuts the street. It is not correct to say that a house bates another house or bates the street.
The word abut is derived from the Latin and joined with French to create abuter, which means, "to butt against" or "to butt upon."
Acceleration Clause is a clause in the mortgage that provides that the lender has the right to declare all sums outstanding under the mortgage immediately due and payable upon the occurrence of a specified event (such as the mortgagor's failure to pay the mortgage premium, a specified amount of arrears of repayments due under the mortgage or the mortgagor suffering a specified event of bankruptcy).
When does the acceleration clause come into effect? The acceleration clause comes into effect when the lender (mortgagee) declares it and notifies the mortgagor (mortgagor).
The increase of land on a stream, sea, or lake by water which deposits soil upon the shoreline.
Accretion is an increase in the value of property or an asset. When the value of land increases as a result of an improvement, the increase is called an accretion. Accretion is also known as the increase in the value of land due to natural growth, such as a tree growing in value.
An active property is a home that's currently for sale and available for purchase.
Or "According to value", this is an Latin word.
Adjustable Rate Mortgage (ARM)
An adjustable-rate mortgage (ARM) is a mortgage loan with a rate that changes after a set number of years. ARMs are typically used for a shorter time period (usually five to seven years) and are used for a primary residence.
The initial period of an ARM is usually lower than a fixed-rate mortgage. ARMs can be structured as fixed-rate loans for the initial period, or can follow an adjustable rate. ARMs are usually considered when there is a greater risk of interest rates increasing over the initial period of the loan when compared to a fixed-rate loan. For example, if a borrower plans on selling their home in three years, an ARM is a good choice.
If the borrower does not sell their home in three years, then they can refinance their mortgage and get a better rate.
What types of ARMs are there? The interest rate and payment on an ARM is based on the index rate. The index sometimes based on the London Interbank Offered Rate (LIBOR) or the 1-year Treasury Constant Maturity rate. The index is multiplied by a margin, which is typically between 1 and 3%. The margin is added to the index to determine the interest rate on the ARM. (IT IS NOTED THAT THE LIBOR WILL BE GETTING PHASED OUT NEXT YEAR)
There are three types of ARMs:
1-Year LIBOR Index Adjustable-Rate Mortgage (ARM) This type of ARM is based on the 1-year LIBOR rate. The initial period is usually one year. The interest rate is adjusted annually on the anniversary date of the loan. The borrower must make a payment at least every month.
5/1 Adjustable-Rate Mortgage A 5/1 ARM is the most common type of adjustable-rate mortgage. The initial period is five years. The interest rate adjusts every year on the anniversary date of the loan. The borrower must make a payment at least every month.
7/1 Adjustable-Rate Mortgage A 7/1 ARM is similar to a 5/1 ARM. The difference is that the initial period is seven years. How do I get an Adjustable-Rate Mortgage? Getting an ARM requires that you have excellent credit. The underwriter will check your credit score and credit history. The underwriter will also examine your employment history, income, and assets.
How do I get an Adjustable-Rate Mortgage? Getting an ARM requires that you have excellent credit. The underwriter will check your credit score and credit history. The underwriter will also examine your employment history, income, and assets.
Adverse possession is a legal principle which allows a person who openly inhabits a piece of land owned by another without the other party's permission, to gain ownership of that land.
The typical statute requires possession for a total of 7 years, if that is under color of title, or 20 years if not. However, this threshold varies by jurisdiction.
Agent or Real-Estate Agent
A real estate agent is a person who has the legal right to sell a property. In order to legally sell a property, an agent must be licensed in the state in which they reside. This license is required to protect the public from unscrupulous or incompetent agents.
What does a Real Estate Agent do?
A real estate agent has several duties, depending on how large the agency is. These duties include: Locating clients Developing a client base Serving clients by organizing real estate buys and sales, Advising clients on the prices of property.
Air rights refer to the right to develop the area above a parcel of land, or the airspace above the land. For example, if an owner of a building or land wants to add more apartments or build a hotel on land, he/she will have to buy the air rights from the owner of the air above the land.
As per the New York City zoning regulations, the maximum height of a building is determined by the floor area ratio, i.e. the ratio of the gross floor area of the building to the area of the land. How are Air rights sold and bought? Air rights are bought and sold by brokers like us using the broker's market platform.
The seller of the air rights can be a private individual or an organization. Once the air rights are sold, the owner of the building has to apply for a conversion of air rights with the New York City Department of Buildings.
Similarly, if an owner of a building wants to sell air rights, he/she can sell them on the air rights market. Once the air rights are purchased, the owner of the building will have to apply for a re-zoning in order to increase the height of the building. This is a whole process which may take a few months.
What are the benefits of the air rights market? The air rights market allows landowners to extract additional value from their property. In addition to this, the air rights market enables developers to build taller buildings which are in high demand in the real estate market.
Alienation is the transfer of ownership of a property from the seller to the buyer. This is usually done by way of a deed or title.
Amendments are often used as a way to clarify, add, or remove information from a contract. When you buy a house, you may want to make some changes to the contract. The document that you sign to change the original contract is known as an amendment.
Amenities are a group of enhancements that increase the quality of life in an area. They can include everything from a playground to a bike track to a private beach. A few common amenities in real estate:
A gym A fitness center
A club house
A picnic area
Amortization is a schedule of periodic payments that repays a loan. These payments are for a fixed period of time, often 10 or 30 years. If you take out a 30-year loan at 3.5% interest, the amortization payment for that loan would be $429.39. That's how much you will pay each month to repay your loan.
Amortization is a schedule of principal and interest payments that creates a neat mathematical progression. The formula for amortization is:
A = P + I
A = Amortization Amount P = Principal Amount I = Interest
The total amount you pay back to the lender is the principal amount (P) plus the sum of the interest payments (I).
An appraisal is an opinion of the value of a piece of property. An appraisal is typically requested by a lender to determine the maximum amount that can be loaned on a piece of property.
The appraiser will typically look at comparable sales (recent sales of other houses in the neighborhood), the condition of the house, the location and the market. In addition, the appraiser will look at the market conditions, like the number of homes on the market, the interest rates, the number of foreclosures, etc.
The appraiser will typically prepare a report called an appraisal report. This report will include the opinion of the value of the house and any issues that may affect the value.
Appraisals are typically not required for cash sales. They are typically required for loans where the seller and buyer will not be paying each other directly.
Loans that are typically required to have an appraisal are loans from the Federal Housing Administration (FHA), Veterans Administration (VA) and Department of Agriculture Rural Housing Service (RHS). If you are buying or selling a home, you might want to call a real estate professional to help you with your transaction.
An Appraisal contingency is an agreement that says if the property you are purchasing does not appraise for the agreed upon price, you will not have to buy it.
What is the purpose of an Appraisal contingency? An Appraisal contingency is a great tool to protect both the Buyer and the Seller in a real estate transaction.
Let's say you are a Buyer and you have worked hard to get pre-approved for a mortgage. You finally find the perfect house. You put in an offer and the Seller agrees to accept your offer. The only problem is, the house does not appraise for the amount of money you were approved for.
What do you do? If you have an Appraisal contingency, the Sellers will be forced to lower their asking price to a price that is in your price range. What if the Sellers do not lower their price? If the Sellers do not meet your price, you have the choice to break the contract or get your money back
The Appraisal Institute, the country's leading professional association for appraisers, defines an appraisal as the "act or process of determining the monetary value of a property." The Institute's Appraisal Qualifications Board (AQB), which is responsible for establishing and maintaining standards for appraisers, also states an appraiser must be able to demonstrate "an understanding of the means by which value is determined for a specific type of property in a specific market."
An appraiser is an independent, professional real estate expert hired by a lender to determine the value of a property. An appraiser's job is to arrive at a fair market value estimate of a property based on the most recent sales of comparable properties as well as on current market conditions.
Comparing a subject property to recent sales of similar properties, along with an analysis of current market conditions, helps the appraiser develop an opinion of value.
An appraiser's opinion is based on the understanding of fourfactors:
2) physical condition;
3) economic conditions; and
4) legal conditions.
An appraiser considers the location of the subject property within the market it is located, such as a neighborhood, city or region. Then, the appraiser looks at the physical condition of the property. Appraisers consider many factors in determining a property's physical condition.
They examine the property's condition and maintenance of its interior and exterior, the quality of construction and the presence of major defects or deferred maintenance.
Appraisers also look at the quality of the neighborhood and the condition of any common areas. Appraisers also consider the economic conditions of the market, such as the level of interest rates, employment rates, and supply and demand.
The appraiser also considers the legal conditions of the property, including any liens on the property and zoning laws. Once the appraiser has gathered all of this information, he or she develops a report that includes the property's estimated market value, as well as the factors that helped to determine this market value.
Appreciation is a term used in real estate and in finance to describe the increase in market value of a property during a period of time. It is a measure of the change in the market value of the property.
Appreciation is calculated by subtracting the original cost of the property from the current value of the property. Appreciation can be calculated using the following formula:
Current Value - Original Cost = Appreciation
Appreciation is also known as capital gain and capital gain is the increase in the market value of an asset (property), which is realized upon sale of the asset.
Appurtenance is an accessory or addition to the main property. It is a term used in the legal sense to describe an additional piece of property that is attached to the main property.
In most cases, the appurtenances are considered to be part of the property. In legal terms, appurtenance is similar to a fixture, which is attached to the property.
In some cases, the appurtenance may be subject to a separate legal entity. It may be leased or rented separately. The documentation of such an arrangement is considered a lease of appurtenance.
Arbitration is a private process for resolving disputes. It is the alternative to a lawsuit. The parties involved agree to submit their dispute to a neutral third party, known as an arbitrator, who hears the evidence and issues a decision. Both parties agree to be bound by the decision.
What is an Arbitration Agreement?
It is a written contract between the parties that says they agree to submit their dispute to arbitration rather than to a lawsuit.
As-Is means that the seller is not responsible for any repairs of defects that the buyer might discover after the sale. The buyer assumes responsibility for all necessary repairs.
An attorney-in-fact is someone who is given the power to act on your behalf.
An balloon loan is a fixed-rate loan that has a large portion of the loan balance due at the end of the term. The term is usually five or seven years.
The lender might also give you a balloon loan for a shorter period, such as a year or two. Balloon loans are also sometimes called bullet loans or bullet payments.
In a balloon loan, the borrower is expected to refinance the loan before the balloon payment is due. The term balloon payment refers to the final payment of a loan. Balloon payments usually occur at the end of a loan term, such as a mortgage.
For example, if you borrow $200,000 for 30 years, your monthly payments are typically low for the first 10 years. However, the final payment, or balloon payment, is much larger
A beneficiary is any person or entity that has a legal or equitable interest in a trust. A beneficiary can be a person, a corporation, or a trust. In most cases, the beneficiary is the person or entity that will receive the proceeds of the trust.
Bill of Sale
A bill of sale is a legal document that is signed by the seller, giving the purchaser the right to own the property
A buyer's agent is a broker who represents the buyer in a real estate transaction. This is in contrast to a listing agent who represents the seller of the property. A Buyer's Agent can help you find the house of your dreams at the right price.
Capital gains are the profits that you earn from the sale of your property. The capital gains are calculated based on the amount that you have earned from the sale of a property less the amount that you had invested in the property while you were its owner.
Capitalization refers to the conversion of income into capital or to the process by which a return is made on a capital investment. In order to calculate the capitalization rate of a property, the following steps are taken:
1. The net operating income is obtained by subtracting the gross operating expense from the gross rental revenue. Net operating income is also known as NOI.
2. The capitalization rate is derived by dividing the net operating income by the property value.
3. The capitalization rate is then used to estimate the property value by dividing the net operating income by the capitalization rate.
The capitalization rate is also known as the cap rate or the capitalization rate. Related Terms Cap Rate, Capitalization Rate, Net Operating Income, NOI
Caveat emptor, Latin for let the buyer beware, is the principle that a seller has no legal duty to reveal any material defects of a property to a buyer. This principle applies to both residential and commercial real estate transactions.
Under this principle, a buyer must either conduct a thorough inspection of the property or rely on any statements or promises made by the seller about the property.
What are the exceptions to Caveat Emptor?
Some exceptions to the caveat emptor principle include:
Implied Warranty of Habitability- The implied warranty of habitability requires that residential properties must be fit for human habitation. This means that the property must be free of any defects that would render it unlivable.
Examples of these defects include:
Inadequate plumbing and/or electrical systems
Inadequate drainage Mold Substandard ventilation
Lack of natural light
Inadequate cooling or heating
Walls, floors, or ceilings that are not structurally sound
These defects must be apparent upon a reasonable inspection of the property. If the seller is aware of the defects and does not disclose them to the buyer, they may be liable for damages caused by the defects.
Cetris peribus is a Latin term that means "with all things." The phrase is used in a real estate deed, but what does it mean? In a real estate transaction, property may be transferred "with all things" as a per-iblem transfer. For example, if a person inherits land from a relative, it is transferred per-iblem.
- Personal Property
- Chattels are defined as all things of which the owner can dispose (and which are not real estate)
Closing is the process by which the purchase of a property is finalized. At closing, the buyer receives the deed to the property, and the seller receives the purchase money.
Closing costs are the expenses that pay for the costs of legally transferring ownership of a property from the seller to the buyer. These costs are paid by the buyer and the seller at the same time.
These are the typical closing costs:
Loan Processing Fees
These are just some of the typical closing costs that you can pay for. There are other costs that you may have to pay depending on the type of loan that you are going to use. If you are looking to purchase a home, it is a good idea to ask for the estimated closing costs and try to negotiate a lower cost.
Co-op is an abbreviation for cooperative. It is a form of ownership in which shareholders own shares in a corporation which in turn owns the building.
In New York and around the country, co-op shareholders are typically required to pay maintenance (common charges) to the corporation. These charges are used to maintain the property and, in some cases, the corporation's reserve. The reserve is money set aside for major capital improvements.
Owners of co-ops typically do not own the unit they are living in. Instead, they own shares in the co-op corporation and have a proprietary lease to occupy a particular unit in the building. They are also often responsible for paying a monthly maintenance fee to the co-op corporation.
On the plus side, they own a share in the corporation, can live in the building for as long as they want, and can usually get financing from a bank.
Color of Title
Color of title in real estate refers to a document that fails to specify who has legal rights to a property.
For example, a deed that fails to mention the property owner is an example of a document with color of title. Property sales are typically a complex transaction involving several documents. The deed is the document that legally transfers ownership from the seller to the buyer.
If a deed is not signed by the seller, it is considered as a document with color of title. A document with color of title is not the same as a deed with color of title. A deed with color of title is a deed that has been forged or altered
Collateral, simply stated, is anything used to secure a loan that is posted in the event of a default. Most commonly, collateral is used in the form of a security deposit, but it can also be a deed to a property.
Commercial property is property used to conduct business. This includes, but is not limited to, stores, restaurants, warehouses, professional offices, and factories.
A commission is a fee paid to a real estate agent for professional or personal services provided to a client.
Community property is property acquired during marriage. It is owned by both spouses, and each one has an equal interest in it. (The exceptions are the property received by gift or inheritance that was left to one spouse alone.)
A comparables analysis is the study of a group of properties that are similar to the one being considered for purchase. Comparables analysis can be used to determine the fair market value of a property or to calculate the cost of improving a specific property.
For example, if you want to buy a house with a swimming pool, you would want to know the prices of similar houses with pools in the area. If you want to buy a house in a new subdivision, you would want to know the amount of the house and the cost of the land. If you want to buy a house that needs remodeling, you will want to know the cost of similar work and the cost of building materials.
To perform a comparables analysis, you need to have information about the property you want to buy and, if possible, about the comparable properties. Information about the property you want to buy includes:
other factors that affect the value.
Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA)
CERCLA, also known as Superfund, is a United States federal law passed in 1980 that provides for comprehensive response, compensation and remediation to owners and operators of facilities that are involved in the disposal of hazardous waste. In practical terms, this means that if a facility has been involved in the disposal of hazardous waste, and it is found that there is a release of hazardous waste from that facility, the facility will be held financially responsible for any damages that may be incurred.
Condemnation is when a government entity takes possession of land for public use by a court order. Typically, the government entity must pay the owner of the property fair market value for the property. The government entity can then do with the property what it wants.
What are Eminent Domain and Condemnation?
Eminent domain and condemnation are very similar. Eminent domain is when a private entity takes possession of land for public use by a court order. Condemnation is when a government entity takes possession of land for public use by a court order. Typically, the government entity must pay the owner of the
Condominiums (or condos) are a form of housing tenure in which an individual owns a unit within a multi-unit building. Condominium units are part of a larger building or complex and share common areas, utilities, entrances, and exits.
Condominiums may be owned in fee simple (full ownership), or owned through a Condominium Act, a form of shared ownership. Condominiums may be part of a larger complex or development that are owned by a single entity, or may be owned individually.
They are often managed by a homeowner's association (HOA) whose members are the owners of the individual units. A common misconception is that all condominiums are part of a larger complex owned by a single entity, but this is not always the case. Many condominiums are individually owned units which are managed by a homeowner's association.
As a condominium owner, you share the common areas of the building, such as the walkways and the walls, floors and ceilings, with your neighbors. You own your unit and the land it's built on, while the common areas are owned by the condominium association, which is controlled by the owners of the individual units in the building.
Contingencies are conditions that must be met by all parties before the contract becomes final. The most common contingencies are:
Financing: The buyer is not obligated to close the deal unless the financing falls into place.
Appraisal: The buyer must get an appraisal to verify the value of the property.
Home inspection: The buyer performs a home inspection to verify the property's condition.
Approval by a third party: The buyer must obtain approval from a financial institution, employer, or other source. If a contingency is not met, the contract can be cancelled. A buyer can change the contingencies to his or her liking.
For example, to avoid the contingency of a home inspection, a buyer can ask the seller to conduct an inspection before the contract is signed, or ask the seller to waive the contingency.
Constructive eviction is a situation where a landlord, by unreasonable failure to fulfill his or her responsibilities, causes the tenant to abandon the rental unit. Constructive eviction is actionable as a breach of the landlord's duty of a landlord to provide a livable premises to a tenant.
Contract is an agreement between two parties and is enforceable by law. In real estate it is a binding agreement between two or more parties with respect to a specific transaction where both parties has agreed to make and accept certain promises.
The law requires that there must be a meeting of minds between the parties and the agreement must be supported by consideration. What is consideration? Consideration is an act, promise or forbearance which induces another party to enter into a contract. It is important to note that the consideration must be legal consideration.
What is a contract of Sale?
A contract of sale is an agreement between two or more parties to exchange certain property for money or other property. A contract of sale, when completed, is a conveyance.
Cost approach is one of the two ways of determining fair market values of real estate. In this approach, estimated cost of replacing the existing building is added to the land value to arrive at the total value of the real estate.
A deed is a written document that gives the holder of the deed the right to possess a piece of real estate. Deeds are generally used to transfer ownership of property from one person to another.
What is a warranty deed?
A warranty deed is a written document that gives the holder of the deed the right to possess a piece of real estate, but also provides the holder with warranties that the title to the property is valid and clear. The holder of a warranty deed holds the deed holder harmless against loss or damages that arise from defects in the title.
What is a quitclaim deed?
A quitclaim deed is a written document that gives the holder of the deed the right to possess a piece of real estate, but also provides the holder with no warranties that the title to the property is valid and clear. The holder of a quitclaim deed holds the deed holder harmless against loss or damages that arise from defects in the title.
What is a Deed of Trust?
A Deed of Trust is a written document that gives the holder of the deed the right to possess a piece of real estate but also provides the holder with no warranties that the title to the property is valid and clear. The holder of a Deed of Trust holds the deed holder harmless against loss or damages that arise from defects in the title.
A Deed-in-lieu is a voluntary transfer of property by a tax debtor to the government which avoids the foreclosure and sale of the property. The tax debtor agrees to relinquish his/her right to the property in exchange for the cancellation of the tax debt.
What is the difference between a Deed-in-lieu and a Short Sale?
In a Deed-in-lieu the property owner transfers the property to the government. A short sale is a transfer of the tax debtor's interest in the property to a third party. The money from the sale is used to settle the tax debt.
If a borrower doesn't follow the loan terms, they are in default on their loan. The most common loan terms are outlined in your mortgage note. Your mortgage note is a legal document that outlines the rights and responsibilities of both the borrower and the lender. When a borrower is in default they have no rights. Their lender is no longer obligated to follow the terms of the note.
When a borrower is in default, the lender can take action to protect their interest. They can sell the property at auction, sell it to a third party at a loss, file a foreclosure lawsuit and take possession of the property, or foreclose on the loan.
Here are some examples of defaulting on a mortgage loan:
Failure to make regular payments on time
Failure to make the minimum monthly payment
Failure to pay property taxes or insurance
Failure to pay special assessments that have been levied against the property
Failure to pay non-recurring expenses in a timely manner
Failure to make payments on time or at all due to illness
Delivery means the transfer of physical possession of the Purchased Property to the Buyer. Transfer of physical possession occurs when the Seller takes physical possession of the Cash from the Buyer.
Depreciation is the gradual loss in value of property over time. It is the amount of money the value of a property decreases over time. Depreciation is also the decrease in value of an asset over a period of time. Depreciation is a non-cash expense. It is a reduction in the recorded value of an asset.
Discount points are always deducted from the loan amount. For example, if a borrower has a $100,000 loan and they have paid 2 discount points of 1% the loan amount is now $98,000. Discount points are seldom used today, but they are used in specific situations. One of them is if the borrower has a very low loan to value ratio.
If the LTV is about 90% or above, the borrower would be better off putting cash down to bring the LTV down to below 80%.
Why are discount points rarely used today?
The discount points are rarely used today because if the borrower puts cash down instead of paying discount points, they will save money overall. For example, if a borrower puts down $5,000 the closing costs will be eliminated and they will save money.
In real estate, a dominant estate is one that has the right to use a servient estate, that is, the land owned by another. The dominant estate may be a home, a farm, a commercial building, or other type of real estate
The servient estate can be a neighbor's land, a road, or any other type of real estate. In some cases, the servient estate belongs to another person, while the dominant estate belongs to the same person.
Who owns the dominant estate?
A dominant estate is owned by a person or an entity. A person can be an individual or a business. For example, it could be a home, a farm, or a commercial building.
Double Net Lease
A Double net lease is a lease that requires the tenant to pay for all property taxes and insurance for the property. The landlord is responsible for all maintenance on the property and is usually responsible for the mortgage payment.
The tenant pays the landlord a fixed amount of rent per month. The tenant is not allowed to make any improvements or alterations to the property. The landlord is required to maintain the property in a way that does not negatively affect the tenant's ability to use the space.
A double net lease can be a good deal for the landlord because it usually has a lower monthly rent payment. The double net lease is a common form of commercial lease for large shopping centers.
What is a Triple net lease in real estate?
A triple net lease is a lease that requires the tenant to pay for all property taxes, insurance, and maintenance on the property. The landlord of the property is responsible for the mortgage payment. The tenant pays the landlord a fixed amount of rent per month.
Dual agency is the practice of representing both the buyer and seller in a real estate transaction.
In most states, it is illegal for a real estate broker to represent both the buyer and seller in a real estate transaction. However, there are ten states that allow dual agency.
In those states, a broker may representthe buyer and seller if certain conditions are met. Dual agency is permitted in 10 states:
The practice of dual agency is permitted in these states with the following conditions: The buyer and seller must each independently authorize the dual agency relationship. The agents must not communicate directly with one another about the transaction. The agents must communicate about the transaction only with the permission of the client. The agents must also follow certain rules to monitor the transaction.
Department of Veterans Affairs loans are mortgage loans available to veterans, service members, and eligible surviving spouses. A VA loan is a non-conventional loan because it is not available from a variety of lenders. It can only be obtained from a VA lender; a lender who has received a VA lender license.
What are the benefits of a DVA loan?
The benefits of a VA loan are numerous. First and foremost, all VA loans are made without regard to the borrower's credit history. VA loans also require no down payment and low closing costs.
What are the eligibility requirements for VA loans?
To be eligible for a VA loan, a borrower must be a veteran or service member who has served in active duty status with the United States military. In addition, anyone who is eligible for a VA loan must be a permanent resident of the U.S. or its territories.
An easement is the right to use another person's land for a specific purpose. The easement grants the right to use land for paths, water and sewer mains, gas lines, phone lines, and electric lines. An easement may be express or implied. An express easement is written in a deed.
An implied easement occurs when a deed does not specifically grant the right of access to a utility company, but the utility company has an existing right of access. When a deed grants an easement, the property owner may use the easement for utility lines but may not use the easement for any other purpose.
An express easement is a right of way that is stated in a deed. An express easement is a right of way that is stated in a deed. When an express easement is granted, the easement is described by legal description, and it is limited to the purposes stated in the deed.
Eminent domain is a legal term that refers to a government's power to seize private property for public use, with compensation given to the owner.
There are three requirements to invoke eminent domain:
1) the taking must be for public use;
2) the taking must be for a public purpose; and
3) the taking must be for a public benefit.
The term may also refer to a particular action by a government, such as when the U.S. Supreme Court ruled that the government has the power of eminent domain. In the United States, the taking of private property by the government is allowed, under the Fifth Amendment to the U.S. Constitution.
This is intended to ensure that the government will provide or pay for "just compensation" to the property's owner. If the taking is for a public use, the landowner is fairly compensated for the property taken. If it is for a private use, the landowner is fairly compensated for the property taken.
The two powers of eminent domain are:
The power to take private property to be used by a government agency, such as when a road is built or a public school is constructed. This power is called "public use" eminent domain. The power to take private property to transfer ownership to a private party, such as when land is purchased by a private developer to be used for shopping malls, office buildings, or hotels. This power is called "private use" eminent domain.
EPA (Environmental Protection Agency)
The Environmental Protection Agency (EPA) was created in 1970 by President Richard Nixon, in response to the environmental disasters that happened in the 1960s.
The EPA was formed to help prevent another environmental disaster, like the Cuyahoga River fire or the burning of the Santa Barbara oil field. The EPA was formed to work on environmental issues that affected every part of the nation.
These issues included cleaning up oil spills, reducing air and water pollution, helping to control pesticides and insecticides, and preventing toxic waste from being dumped into water supplies. The EPA's goals were to make the Earth safe from the effects of humans.
Equal Credit Opportunity Act (ECOA)
The Equal Credit Opportunity Act (ECOA) is a federal law that prohibits creditors from discriminating on the basis of race, color, religion, national origin, sex, marital status, age, or because you receive income from a public assistance program. In other words, creditors cannot refuse to give you credit, or charge you more for credit, because of certain personal characteristics.
If you own the land, you also own any buildings on it as well. This is known as an "equitable title.
Equity is the difference between the home value and the mortgage balance. Equity is what you get to keep when you sell your home.
How can I get Equity? By paying down the mortgage. The less you owe, the more equity you have.
Errors and omissions insurance
Errors and omissions insurance in real estate is a type of liability insurance coverage applicable to real estate brokers, real estate agents and others in the real estate industry. The policy is designed to protect the agency against claims arising from errors and omissions made during the course of a real estate transaction.
Escheat is the legal term for the right of a state to take back property that has been abandoned by its owner. Most commonly, escheat refers to the real estate property of an individual that has died. In this case, the state may take over and sell the property.
The real estate escrow process is one of the most important parts of a real estate transaction. It is a process in which a neutral 3rd party holds all funds and documents associated with a transaction until both the buyer and seller are satisfied that all the conditions of the transaction have been satisfied.
The escrow agent is needed to ensure that the money and documents are being handled fairly and are safeguarded from any fraud or malicious intent. An escrow agent is not involved in the actual negotiation of a real estate contract, but rather the settlement process. They are referred to as a neutral third party.
The escrow agent will hold all documents and funds for a real estate transaction until both the buyer and seller are satisfied that all the conditions of the transaction have been satisfied.
Fair Market Value
Fair market value is the price that a property would sell for on the open market. It is the price that a property would sell for between a willing buyer and a willing seller. How much is your home worth?
There are a number of tools you can use to value your own home. These include:
Property searches on the internet
Property valuation companies
Local property agent
Auction sales in your area
Federal National Mortgage Association (Fannie Mae)
Federal National Mortgage Association (Fannie Mae) is a US government-owned corporation that provides financing for the purchase of homes, as well as other types of real estate. Fannie Mae was created when the Federal National Mortgage Association Charter Act of 1954 was signed into law.
The act authorized the Federal National Mortgage Association to purchase, pool, and sell mortgages on behalf of the government. It was created to ensure housing affordability for American citizens. Although Fannie Mae was government-owned, it was operated as a private, for-profit corporation. Fannie Mae is responsible for financing over $5 trillion worth of mortgages.
Fannie Mae's main competitors are the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). In 1970, Fannie Mae was incorporated and became a publicly-owned company.
It was privatized in 1968, but in 1989, the US government re-purchased all outstanding shares of Fannie Mae stock. In 2008, Freddie Mac and Fannie Mae were placed under the conservatorship of the Federal Housing Finance Agency. They were taken into conservatorship because of the significant losses they had incurred.
In 2012, the US Treasury Department's Fannie Mae and Freddie Mac placed the companies into a Federal government conservatorship. Today, Fannie Mae continues to finance mortgages, but the organization is no longer privately-owned.
It is a wholly-owned subsidiary of the US government. Fannie Mae has a mortgage portfolio of $1.2 trillion, including $974 billion of guaranteed loans. It purchases both conforming and nonconforming loans
FHA appraisal is a process in which a third party appraiser reviews the value of the property to be mortgaged by the FHA. The FHA requires FHA appraisal to determine your property's value, which is then approved by the FHA.
FHA loans are mortgage loans that are insured by the Federal Housing Administration. The FHA was created by Congress in 1934 to increase the flow of money into the housing market during the Great Depression. The FHA does not lend money directly to homebuyers. Instead, they offer insurance for lenders. This means that if a borrower defaults on the mortgage, the lender is protected from losses.
The FHA offers a variety of loan programs for first-time homebuyers and homeowners.
The FHA loan is a mortgage that does not require a large down payment. This means that you can buy a home for as little as 3.5 percent down. This is much lower than a conventional loan, which requires a 20 percent down payment on a qualifying home.
The FHA loan is also known as an FHA 203(b) or FHA Insured Loan.
How do FHA loans work?
The FHA loan program streamlines the mortgage process by making it easier to get approved for a mortgage. They make it easier to find a loan officer, they eliminate a lot of paperwork and they provide the homebuyer with a variety of loan options. FHA loans are a good option for first-time homebuyers. They are also an option for experienced buyers who cannot afford to put 20 percent down on a home.
FHA loan guidelines also allow for a borrower with a smaller amount of equity to purchase a home with a higher loan-to-value ratio. Homebuyers can choose to finance their new home using a fixed-rate or an adjustable-rate mortgage. They can choose a traditional 20-year fixed-rate mortgage, a 15-year fixed-rate mortgage, a 30-year fixed-rate mortgage or an FHA streamline mortgage.
This is a clause that will allow a buyer to pull out of a deal within a certain time frame (usually a month) if he or she does not have the money to close on the property. If a buyer has less than 20% down, it is more common to have a buyer's contingency than a seller's contingency.
On the other hand, if a buyer has more than 10% down, a seller's contingency is more likely because the buyer is not likely to walk away from a transaction once they have put down a substantial amount of money. The seller's contingency allows a seller to walk away from a deal if the property is not appraised for the amount that was initially agreed upon.
Fixed term tenancy is an agreement
Fixed term tenancy is an agreement between the landlord and tenant for a specific period of time, that the tenant has rights to occupy the premises as a tenant and the landlord has rights to collect rent for the use and occupation of the premises.
This type of agreement is used to avoid the uncertainty of the length of time it may take to lease the property. An estate for years is a term of years that is less than a life estate but greater than a term of years. The terms for years can be extended for successive periods of time, but the longest period of time that can be assigned to a term of years is 99 years. An estate for years is the longest term of possession of a property that a tenant can hold.
Fixed Rate Mortgage
A mortgage is a loan to purchase real estate. The rate of interest is fixed for the term of the loan.
Fixed-rate mortgages are good for investors who want to own a property for a long time. If the property value increases, they may be able to refinance or sell the property at a profit and make up for the higher interest rate over time.
A lender may require a down payment as a percentage of the purchase price. If the borrower makes a down payment of at least 20%, the lender may finance the remaining 80% of the purchase price at a fixed interest rate for the term of the loan, with monthly payments.
A fixture is an item of personal property that has become permanently attached to real property. As a result, the owner of the property has no right to remove, sell the fixture when selling the property. It is wise to know what you can bring and what stays when you sell a house.
For Sale By Owner
For Sale By Owner, is a term used in the real estate industry that means the seller of a property has chosen not to hire a real estate agent to represent them in the sale of their property.
The seller's decision to sell their property without the assistance of a real estate agent can save them money, as the commission for a real estate agent is usually 6% of the selling price of the property. The seller can save this money and put it towards the cost of the sale.
Advantages of selling your home by yourself
The advantage to selling a property without the assistance of a real estate agent is the seller is free to price the property at the point where they feel they can get the most money for it. There is also the advantage that since the seller does not have to pay a real estate agent's commission, they save a lot of money which can be put towards closing costs or other type of selling costs.
A buyer may be willing to pay more for a property that is being sold by the owner than they would for a property that is being sold by an agent.
The Disadvantages of Selling your home by yourself
The disadvantages of selling a property without the assistance of a real estate agent is the seller is not as knowledgeable about the market as a real estate agent. The seller may not have as many contacts in the real estate industry and may not have as good of knowledge about what price to set the property at to get the most amount of money for it. A real estate agent usually has a great knowledge of the local real estate market, and has a lot of contacts in the industry to help sell a property.
The seller may also not have the time to sell a property without the assistance of a real estate agent. The seller can save money by not hiring a real estate agent, but they can also end up spending a lot more money in the long run if they don't sell the property and have to pay property taxes and insurance for the property.
Why do people sell their home by themselves?
There are many reasons why a seller would choose to sell their property without the assistance of a real estate agent. They may feel that they do not need the extra help, or they may feel that they can save money by selling it themselves.
A foreclosure is when the bank takes possession of your property because you're not paying your mortgage or loan. Foreclosures are a last resort for the lender.
If you've missed payments, the lender may send you a foreclosure notice. This is a letter telling you what you owe and that your home will be taken if you don't pay it. The lender will take you to court if you don't pay the amount they ask for. If the lender wins the lawsuit, the foreclosure is granted. This means you lose your home.
If you don't pay your mortgage or loan, the lender can force a sale of your property. When the property is sold, the lender gets the money to pay back the loan or mortgage. The lender also gets any money from the sale that is left over.
What You Can Do in a Foreclosure: What if you can't pay your mortgage or loan?
There are things you can do if you're facing foreclosure.
Pay the loan or mortgage. If you can pay the money you owe, do it. The lender will be glad to take it.
Negotiate a loan modification. A loan modification can be done to lower the payments. A lender might agree to a loan modification if your income has decreased or if your financial situation has changed.
Ask for help from the lender. If you're facing foreclosure, talk to the lender. Tell them that you can't afford the payments. You may get some help from the lender, such as a short-term loan or some time to pay off your loan.
File for bankruptcy. If you can't pay your mortgage or loan, you may want to file for bankruptcy. This can get you a fresh start and help you get out of debt.
Be patient. Keep paying your loan or mortgage, even if you have to make the payments late. The lender may give you more time to pay. Call the lender. If you haven't been able to reach an agreement with the lender, contact your state housing finance agency or local government agency. They may be able to help.
Contact a nonprofit housing group. Some nonprofit groups can help you with your mortgage. You may be able to lower your payments. Foreclosure Process
The process of Foreclosure:
You'll receive a notice that you're being sued. This is called a summons and complaint. The summons and complaint will tell you what you owe and when you must appear in court. You must respond to the court. You need to file a response to the summons and complaint. If you don't respond, the lender can win the case against you by default.
A judgment will be issued against you. You'll have to pay the lender what you owe. You can respond to the summons and complaint by:
Appearing in court.
Filing an answer. This is a document that tells the court that you disagree with what the lender says.
Paying the lender. If you can't pay the mortgage or loan, you can file for bankruptcy. This will stop the foreclosure.
The court will hold a hearing. At this hearing, the lender will ask the court to order a foreclosure sale. The lender must publish a notice in a newspaper. This is called a statutory notice.
The notice explains what the lender is doing and gives the date of the sale. The lender can ask the court for permission to conduct the sale. The lender can ask to conduct the sale before the court orders the sale. The lender can ask the court to order a trustee sale. A trustee sale is when a trustee sells the property. The trustee is usually an attorney or a real estate agent. The trustee is responsible for advertising and preparing the property for sale.
A general contractor is an individual or business who is hired to oversee the construction of a building. They are responsible for the overall project and often oversee a number of subcontractors to ensure the job is completed.
A grant in real estate is the transfer of the title to land from one person to another, by deed or by will
A Home Inspection is a visual examination of the physical structure and systems within a residential building. Home Inspections are intended to assist buyers in identifying the major defects within the building and to assist sellers in identifying the major deficiencies within the building.
The results of the inspection are reported in a detailed report to the client. The report is divided into three sections:
(1) a summary of the findings,
(2) the physical inspection portion,
(3) the recommended repairs. All findings are backed by photographs to illustrate the problem.
Home Owners Insurance
Homeowner insurance, also known as owner's insurance, is a type of insurance that protects the property you own from damage to the structure itself. Homeowner's insurance also protects the items you have in the house, such as furniture, appliances, and clothing.
It also covers any damages to or theft of your personal possessions. If you're renting, you can purchase renter's insurance to cover your own possessions and the structure you live in. What does Homeowner insurance cover? Homeowner's insurance covers a variety of things.
It protects you in the event of
How to choose a Homeowner insurance policy?
It's important to make sure you're getting the right homeowner's insurance policy. This may seem like a no-brainer, but many homeowners fail to choose the right level of coverage for their needs. When choosing a homeowner's insurance policy, there are a few things you should keep in mind: Choose the right amount of coverage.
It's easy to purchase the bare minimum amount of coverage and call it a day. However, this isn't the smartest way to go about it. If you choose the bare minimum amount of coverage, you may have to pay out of pocket if you ever need to file a claim. You should purchase as much coverage as you can afford.
Pay close attention to the limits of your policy. The policy will tell you what the maximum settlement amount is for any one claim. As a rule of thumb, you should never purchase a policy that has a limit that's less than the total value of your home
An inspection contingency is a system of clauses that allows the buyer to cancel the contract if the property does not meet certain standards, or if the seller will not agree to specific terms and conditions. What is an inspection period? The inspection period is the time between the execution of a sales contract and the expiration of the inspection contingency. It is normally three business days.
Interim financing is short-term debt used to cover the period between the sale of a property and the closing of the purchase of a new property. It can be used to purchase a property for investment, to buy a new home, to finance construction or renovations on a property, or to finance and refinance a property.
Where do you get interim financing?
You can get interim financing from a variety of sources. There are several financing companies that specialize in interim financing, and your accountant may be able to find other sources.
Why do you need interim financing?
The main reason for interim financing is to cover the period between the sale of the property and the closing on the purchase of the new property. However, interim financing can also be used to finance the purchase of a new home, or to finance and refinance a property.
A judicial foreclosure is a legal proceeding used to recover a debt. If you don't pay your mortgage, the lender (or “trustee) can ask the court to order a judicial foreclosure. In this case, the court will order the sale of your home.
What is a nonjudicial foreclosure?
A nonjudicial foreclosure is a procedure used to foreclose a mortgage without going to court. The lender (or “trustee) can proceed with a nonjudicial foreclosure if state law allows it. It's a faster process than a judicial foreclosure. Some states have banned nonjudicial foreclosures, including California.
What is a trustee?
A trustee is the person or company that holds legal title to the property. In a foreclosure, the trustee sells the property to pay creditors. In a nonjudicial foreclosure, the trustee doesn't need a court order to sell the property.
In a judicial foreclosure, the trustee needs a court order to sell the property. The trustee can be the lender or a third-party company.
A lien is a legal claim on a property to secure the payment of a debt. It comes into existence when a legal claim is registered on a property. When a person takes a loan from a bank to buy a property, the bank will register a lien on the property.
This means that if the borrower fails to pay, the bank can claim the property to repay the loan.
Also, a lien can be placed on a property too if the owner has a unpaid debt such as not paying a roofing company for installing their new roof. This insures if the homeowner tries to sell the house then the outstanding bill will be payed first to the roofing company.
What is Lien Release?
Lien release is the legal process of removing a lien on a property. In most states, the bank needs to send a lien release letter to the borrower. The borrower then must record the letter with the county recorder. This gives the bank the clear title to the property.
Why is Lien Release Important?
In most cases, the bank is not allowed to foreclose until a lien release is recorded. This means that the property cannot be sold at a public auction
The process of applying for and arranging a loan. It usualy will result in a fee called the loan origination fee. Which is apart of closing costs.
Mortgage is a loan which is used to buy or build a house or property. The borrower must give the property as security against the loan and if the borrower defaults, the lender can take the property and sell it to recover his money.
What is the process of mortgage?
Many people ask this question. The process of mortgage is as follows:
1. The borrower must first apply for a loan from the bank or from a mortgage lender.
2. If the loan is approved, then the lender will inspect the property to ensure that the property is free of any defects or any other hidden problems.
3. The borrower must then pay the down payment to the lender.
4. The lender will then issue a loan to the borrower.
5. The borrower can then pay the balance of the loan in monthly installments.
6. The borrower must make sure that he has a good insurance for the property and that he pays his monthly installments on time.
7. When the borrower has paid the full loan, then the title of the property will be transferred to the borrower.
A mortgage broker is a person or company who works with a lender to arrange a loan for a borrower, specifically a person for the purpose of buying a home.
The broker gathers information about the borrower, and the borrower's financial information, and then works with the lender to get the loan approved. The borrower's credit is the main factor in getting the loan approved, but once it is approved, the broker has played a big part in helping the borrower obtain a loan to buy a home.
It's the interest rate that the bank or lender charges on the loan.
Original Principle Balance
The first amount that is borrowed from the Lender. This is the amout that is paid back when a borrower pays on mortgage on a monthly basis.
An origination fee is a service charge that an institution charges a borrower to process a loan application. The fee is usually a percentage of the total loan amount and is typically paid on top of the loan amount.
Owners Financing (Sellers Financing)
In seller financing, the buyer and seller have a contract that states that the seller will provide the buyer with a loan for the purchase of the property. What this means is that the buyer does not have to go to the bank and get a loan in order to pay the seller for the property.
The buyer, then, makes monthly payments to the seller, and at the end of a set period of time, the seller will have been paid in full and will turn the property over to the buyer. This type of loan can be beneficial to both the buyer and seller.
Why use seller financing?
Seller financing can be beneficial to both the buyer and the seller. For buyers, it can help them purchase property that they might not be able to purchase with a traditional bank loan. Because the seller does not have to go through a bank to get a loan, seller financing can be much easier to get than traditional bank financing.
For sellers, seller financing can help them get a larger down payment than they might get from a bank loan. Also, seller financing is easier for the seller to obtain than traditional bank financing, so the seller can get paid more quickly.
How do I get seller financing?
In order to get seller financing, the seller and buyer first have to enter into a contract that states that the seller will provide the buyer with financing in exchange for monthly payments.
In addition to the contract, there are other factors that are taken into consideration when determining if a seller will provide financing. For example, the buyer has to show that they can afford the monthly payments. Also, the property has to be in good condition, and the title needs to be clear.
Pending is a status used in real estate transactions. It refers to the time that passes between when a contract is signed and when the transaction is completed.
There are several standard timeframes for which a contract is considered pending. The most common timeframe is 60 days. During this time, the buyer and seller have the time to complete their due diligence. This includes ensuring that the property has no hidden defects, that the terms of the sale are acceptable and that there are no legal issues with the transaction.
If an issue arises that prevents the transaction from closing, the parties can renegotiate the terms of the contract or end the deal altogether. After 60 days, the contract is considered “contingent and can be extended.
However, if it has been more than 180 days since the contract was signed and either party has not exercised their right to terminate, the contract is considered “closed and the transaction is complete.
Pre-approval is the process of getting a mortgage lender to determine that you can afford a particular home. The lender will review your income, credit history, assets and debts and will come up with an estimated monthly payment. The lender will also assess the property tax rate and homeowner's insurance costs in addition to the mortgage payment. It will add up all the estimated expenses and compare it to your income to determine what type of loan you qualify for.
A purchase agreement is a contract between a buyer and a seller. The contract outlines the details of the sale, and both buyer and seller must agree to all of the terms of the contract. The contract is important because it protects both the buyer and the seller. When a buyer and seller agree to sell and purchase a property, they enter into an agreement in which they outline the agreed-upon terms of the sale.
A purchase agreement is also known as a "purchase and sale" or "purchase contract". A purchase agreement is a legally binding contract between a buyer and a seller. It is usually signed in the presence of a notary public or lawyer. A purchase agreement contains all of the details of the sale, including the price, time frame for completion, and the conditions of the sale. The purchase agreement will also include the details of the seller's disclosure statement.
A purchase agreement should have the following items:
Seller's identification and contact information: name, address, phone number, email.
Buyer's identification and contact information: name, address, phone number, email. Full legal names of all people who will be responsible for the purchase of the property.
Purchase price of the property.
Date of possession, including possession of the home itself, possession of the land, possession of the garage.
Date of completion of the sale.
The amount of the deposit, as well as details about the timing of the deposit, including when it is due, and when the seller will receive it.
Details of any financial calculations, including property taxes and the amount of any profit that the seller is entitled to.
Details about any conditions for completion œ including any conditions that must be met by the buyer or seller.
Details about what will happen if the buyer cannot meet the conditions of the contract.
Details about what can be changed or negotiated in the contract.
Details about what happens when the contract is broken, including how to resolve any issues.
Details about the date the agreement will end.
The name and signature of the buyer and seller, and the signature of the witnesses.
The purchase agreement will also include the details of the seller's disclosure statement. The purchase agreement is often appended with a "disclosure statement" by the seller.
The purpose of a disclosure statement is to ensure that the buyer is aware of any known defects in the property. If the seller is selling the home "as is", they still have to provide a disclosure statement.
Real Estate Agent
Real estate agents are licensed professionals who represent the seller in the sale of real property, or the buyer in the purchase of real property. Their job is to help you find the right property at the right price and to help you navigate the complexities of the transaction.
Real estate agents can help you with your transaction in the following ways: Listing - For sellers, a real estate agent can sell your house faster than if you try to sell it yourself.
Listing - For sellers, a real estate agent can sell your house faster than if you try to sell it yourself.
Negotiations - During a sale, a real estate agent can help you negotiate the price and terms of the contract.
Previewing homes - A real estate agent can help you preview homes before you buy.
Marketing - A real estate agent can market your home to potential buyers to get the best price for your home.
Closing - The real estate agent can help you close your home sale.
Refinancing is the process of taking a mortgage loan out on a home you have, and then paying off the first mortgage. The second mortgage is then the new loan on the home. The purpose of refinancing is to get a more advantageous interest rate or better loan terms on your mortgage.
Unlike traditional mortgages, which are secured by the value of the property, a secured loan is secured by other assets in your possession.
The easiest way to describe a short sale is to think of it as a sale of a home that does not have enough of the seller's equity to close out the transaction. In a short sale, the bank agrees to accept whatever the offer is that the buyer is willing to pay.
The seller is not required to pay any of the closing cost either. The bank will write off the loss because they will receive some money from the short sale, which is better than nothing.
Short Sale Steps
A short sale is a complex process that takes a lot of time and effort. The following is a general outline of the process:
The lender must approve a short sale. The lender and the seller come to an agreement regarding the listing price of the home.
The lender, seller and the buyer agree on a price. The lender orders an appraisal to confirm the agreed upon price.
The lender and the buyer come to an agreement regarding the terms of the financing.
The buyer has to wait a certain amount of time before they can actually close the transaction.
The lender sets the date when the home will be sold and the buyer will close.
The lender receives the proceeds from the sale.
Title refers to the ownership of a property.
To determine who owns a property, title companies search through land and property records to find the history of a property.
This is when a seller has accepted an offer made by the buyer but the deal is not yet closed.
VA loans are a form of mortgage loan that is backed by the U.S. Department of Veterans Affairs. VA loans are only available to veterans, active duty service members, and their spouses who meet eligibility requirements.
Note that the contents of this article was for educational purposes only. If you have a specific real estate problem contact a professional.
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