Real Estate Words Glossary Archive
Written document that when executed and delivered conveys title to real property.
A past history of debt repayment used by creditors as an indicator of future readiness to responsibly repay debt.
An offer made in response to an earlier, unacceptable one; it terminates the original offer.
Land and building owned or leased by a corporation which in turn leases space to its shareholders, who are also part owners of the building and have a proprietary lease. In lieu of rent, they each pay a proportionate monthly or quarterly fixed rate to cover operating costs, mortgage payments, ...
Document used to transfer title. A deed is a conveyance.
To transfer property from one person to another.
Real estate loan that is not insured by the FHA or guaranteed by the VA.
One who contracts to do something for another. For example, in construction, a specialist who enters into a formal construction contract to build a real estate structure or handle renovations, improvements, and additions to an existing structure.
A legally enforceable agreement between two or more parties. To be valid, a real estate contract must be dated, in writing, include a consideration, have a description of the property, the place and date of delivery of the deed, and spell out all terms and conditions that were mutually agreed ...
A provision in a contract that keeps it from becoming binding until a certain event happens. A satisfactory inspection report might be a contingency.
Type of loan where money is doled out as construction takes place; borrower must obtain a permanent long-term mortgage from another source to repay the construction loan. Also called an interim loan.
Something of value, usually money, given to induce another to enter into a contract.
Type of housing where buyers own their units outright, plus an undivided share, or joint ownership, in the common elements of the building or community.
A method of determining home value that looks at recent home sales, homes presently on the market, and homes that were listed but did not sell.
Properties similar to a specific piece of property that are used to help estimate the value of that property.