Real Estate Words Glossary | RISMedia

Wednesday, December 12th, 2007

Clause in a note or mortgage giving the lender the right to call the entire loan balance due if the property is sold or otherwise conveyed.

Wednesday, December 12th, 2007

Initial cash investment made as evidence of good faith when purchasing real estate. It is usually a percentage of the sale price.

Wednesday, December 12th, 2007

Added loan fee charged by a lender to make the yield on a lower-than-market-value loan competitive with higher-interest loans.

Wednesday, December 12th, 2007

Full-service broker who charges less than the prevailing commission rates in his or her community.

Wednesday, December 12th, 2007

Gradual decline on paper in market value of real estate, especially because of age, obsolescence, wear and tear, or economic conditions.

Wednesday, December 12th, 2007

One where the borrower is behind, or late, in payments.

Wednesday, December 12th, 2007

Judgment issued against a borrower when the sale of foreclosed property does not bring in enough to pay the balance owed on the mortgage.

Wednesday, December 12th, 2007

Breach of a contract or failure to meet a legal obligation. Nonpayment of a mortgage beyond a certain number of payments is considered a default.

Wednesday, December 12th, 2007

Provisions placed in deeds to control how future landowners may or may not use the property. Also called deed covenants.

Wednesday, December 12th, 2007

Document resembling a mortgage that conveys legal title to a neutral third party as security for a debt. Also called a trust deed or deed in trust.

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