Select Glossary Term: 80-10-10 ----------A---------- abstract of title abutting accelertaion clause acceptance acknowledgement acre additional principal payment adjustable rate mortgage (ARM) adjusted basis adjustment period adjustments adverse possession agency alienation Clause amenities ammendment amortization schedule annual percentage rate (APR) application application fee appraisal appraised value appreciation asking (list) price assessed value assessment assessor asset assignee assignment assumable mortgage assumption of mortgage auction ----------B---------- balloon mortgage balloon payment bankruotcy bill of sale biweekly mortgage blanket mortgage blockbusting bonus to selling agent breach of contract bridge loan broker brokerage BSTA bundle of rights buy down buyer's broker ----------C---------- calendar year cap capital gains cash out CC&R CCCS ceiling Certificate of Eligibility chain of title channeling chattel cleaning fee clear title closing closing costs closing statement cloud on title co-borrower co-op co-tenants collateral collection commingling commission common area assessments common areas common law comparables compound interest condemnation condominium condominium conversion consideration construction loan Consumer Credit Counseling Service (CCCS) contingency contract contract of sale conventional loan convertible ARM conveyance cooperative housing counter offer covenant covenants, conditions & restrictions (CC&Rs) credit credit bureau credit file credit history credit insurance credit limit credit report credit score creditor cul-de-sac ----------D---------- DBA debt debt service debt-service ratio deduction deed deed in lieu (of foreclosure) deed restrictions default delinquency delivery deposit depreciation descent devise disclosure discount points (or points) discount rate dominant tenement down payment dual agency due on sale duress ----------E---------- earnest money earnest money contract (EMC) easement easement by prescription effective interest rate egress eminent domain encroachment encumbrance endorsement Equal Credit Opportunity Act (ECOA) Equal Treatment/Different Impact equity escalator clause escheat escrow escrow account escrow analysis escrow disbursements estate eviction examination of title exception excusive right to sell (ERS) expropriation ----------F---------- Fair Credit Reporting Act Fair Housing Act & Fair Housing Amendments Act fair market value Fannie Mae Federal Deposit Insurance Corporation (FDIC) Federal Emergency Management Agency (FEMA) Federal Housing Administration fee simple fee simple estate FHA fiduciary first mortgage fixed mortgage rate fixture flood insurance flood plain For Sale By Owner (FSBO) foreclosure forfeiture fraud Freddie Mac FSBO functional obsolescence ----------G---------- gated community Ginnie Mae good faith estimate government survey method grace period grantee grantor gross debt service gross income gross lease ----------H---------- hazard insurance highest and best use hold harmless Home Equity Conversion Mortgage (HECM) home equity loan home warranty home inspection homeowners' association (HOA) homeowners' insurance house closing Housing and Urban Development, Department of (HUD) HUD ----------I---------- implied warranty of habitability improvements incidents of ownership income approach to value index ingress inspection clause insurable title interest interest rate intestate intimidation invitee ----------J---------- joint tenancy judgement judicial foreclosure jumbo loan ----------L---------- laches landlord late charge latent defect lease lease option lease purchase leasehold estate legal description lender lessee lessor leverage liabilities liability insurance lien lien theory state life cap life estate life tenant line of credit lis pendens listing agreement loan loan officer loan origination loan servicing loan-to-value ratio (LVT) lock or lock in lock-in period LTV ----------M---------- madatory continuing education (MCE) manufactured home margin market approach to value market value maturity mechanic's lien mediation metes and bounds mineral rights minimum payment minority misrepresentation modification mobile home month-to-month tenancy monument mortgage mortgage banker mortgage broker mortgage loan mortgagee mortgage insurance mortgage insurance premium mortgage life and disability insurance mortgager Multiple Listing Service (MLS) ----------N---------- negative amortization no cash-out refinance no-cost loan non-escrowing loan note note rate notice of default nuisance ----------O---------- obsolescence offer open house option option fee ordinance original principal balance origination fee owner financing ----------P---------- partial payment payment change date percentage lease periodic payment cap person personal property personalty physical deterioration PITI planned unit development (PUD) plat book points police power power of attorney (POA) pre-approval prepayment prepayment clause in a mortgage prepayment penalty pre-qualification prime rate principal principal balance private mortgage insurance (PMI) promissory note property taxes pro-rate public auction purchase agreement purchase offer ----------Q---------- qualify qualifying ratios quiet enjoyment quitclaim deed ----------R---------- rate lock ready, willing and able real estate real estate agent real estate board Real Estate Settlement Procedures Act (REPSA) real property REALTOR® realty receiver recorded plat recorder recording redlining refinance transactoin Regulation 'Z' release remainder remaining balance reserves reservation RESPA restrictions revolving debt right of first refusal right of ingress or egress right of survivorship riparian owner running with the land ----------S---------- sale-leaseback sales contract second mortgage secondary mortgage market secured loan security security deposit security interest self amortized loan servicing a loan servient tenement setback settlement statement short sale (of house) simple interest single-family home special warranty deed Statute of Frauds steering subdivision sublease subordinate financing subpoena substitution, principle of succession suit for specific performance survey sweat equity ----------T--------- taking tenancy by the entirety tenancy in common tenant tenants in common tenement term time is of the essence timeshare title title company title insurance title search title theory state town house triple net lease trustee Truth-in-Lending two-step mortgage ----------U---------- underwriting unlawful detainer usury ----------V---------- VA variable rate variance vendee vendor virtual home tour void voidable ----------W---------- waiver walk through warranty deed writ of execution ----------Z---------- zoning

# | 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

rate lock
A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost.

back to top

ready, willing and able
A buyer who is prepared to buy on the seller's terms and has the financial capacity to do so.

back to top

real estate
Refers to land and improvements and the rights to own or use them. "A leasehold, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold, or non-freehold, and whether the real estate is situated in this state or elsewhere.

back to top

real estate agent
A person licensed to negotiate and transact the sale of real estate on behalf of the property owner

back to top

real estate board
A non profit organization representing local real estate agents/brokers and salespeople, which provides services to its members and maintains and operates the Multiple Listing Service in the community.

back to top

Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders to give borrowers advance notice of closing costs.

back to top

real property
Refers to the right to own land and improvements. Commonly used interchangeably with Real Estate and Realty. Contrast with personal property.

back to top

REALTOR®
A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the NATIONAL ASSOCIATION OF REALTORS®.

back to top

realty
Refers to land and buildings and other improvements from a physical standpoint. Real Estate and Real Property tend to be used interchangeably with Realty in everyday usage. Contrast with personalty.

back to top

receiver
Court-appointed custodian who holds property for the court, pending final disposition of the matter before the court.

back to top

recorded plat
A subdivision map filed with the county recorder's office that shows the location and boundaries (lot and block number) of individual parcels of land. Contrast with government survey method and metes and bounds.

back to top

recorder
The public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk."

back to top

recording
The act of entering in the public records, the written record of title to real property, thereby giving constructive notice to the public.

back to top

redlining
The illegal practice of refusing to originate mortgage loans, or limiting their number, in certain neighborhoods on the basis of racial or ethnic composition. See Fair Housing.

back to top

refinance transaction
The process of paying off one loan with the proceeds from a new loan using the same property as security.

back to top

Regulation 'Z'
Truth in lending law developed by the Federal Reserve System which requires lenders to provide full disclosure of the terms of the loan, including interest rates expressed as an annual percentage rate (APR).

back to top

release
To relinquish an interest or claim to a piece of property.

back to top

remainder
The future interest in an estate which takes effect after the termination of another estate, such as a life estate; what is left at the termination of a life estate.

back to top

remaining balance
The amount of principal that has not yet been repaid. See principal balance. 

back to top

reserves
Amounts of money set aside by a mortgage company to assure payment of property taxes, homeowners' association dues, and insurance premiums.  The money is kept in an escrow account

back to top

reservation
A right reserved by a grantor in the sale or lease of a property. In a sale, the title of all property passes to the grantee, but the use may be reserved for the grantor. Contrast with exception.

back to top

RESPA
Real Estate Settlement Procedures Act is a federal law which deals with the procedures to be followed in a real estate closing, and is intended to make borrowers more knowledgeable about possible costs and charges.

back to top

restrictions
Limitations on the use or occupancy of real estate contained in a deed or in local ordinances pertaining to land use.

back to top

revolving debt
A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due. 

back to top

right of first refusal
A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others. 

back to top

right of ingress or egress
The right to enter or leave designated premises. 

back to top

right of survivorship
The right of a surviving joint tenant to take ownership of a deceased joint tenant's share of the property. See joint tenancy.

back to top

riparian owner
One who owns land bounding upon a river or water course (stream, creek, bayou, etc.).

back to top

running with the land
A phrase used in property law to describe a right or duty that remains with a piece of property no matter who owns it. For example, the duty to allow a public beach access path across waterfront property would most likely pass from one owner of the property to the next.

back to top