Resources

A

A

Amortization

Amortization

Gradual repayment of a loan over time.

Annual Maintenance

Annual Maintenance

Yearly upkeep tasks for home systems.

Appraisal

Appraisal

Professional home valuation.

As-Is

As-Is

Home sold with no repairs promised.

B

B

Bridge Loan

Bridge Loan

Short-term loan used until permanent financing is secured.

Broker

Broker

Licensed agent who arranges real estate transactions.

C

C

Capital Improvement

Capital Improvement

Upgrade increasing home value.

Closing Costs

Closing Costs

Fees paid at the end of a real estate transaction, often including taxes, insurance, and lender charges.

Comparative Market Analysis (CMA)

Comparative Market Analysis (CMA)

Report evaluating home value by comparing similar properties.

Contingency

Contingency

A condition that must be met for a real estate deal to proceed (e.g. home inspection or financing approval).

Cost Basis

Cost Basis

Home's original value plus capital improvements.

D

D

Deed

Deed

Legal ownership document.

Default

Default

Failure to meet the legal obligations of a loan.

Depreciation

Depreciation

Loss in property value over time.

Digital Binder

Digital Binder

Online collection of home documents.

Documentation

Documentation

Records of repairs, warranties, receipts.

E

E

Easement

Easement

Legal right to use another's land for a specific purpose.

Escrow

Escrow

Arrangement where a neutral third party holds money until conditions are met.

Escrow Holdback

Escrow Holdback

Funds set aside at closing to cover unfinished repairs or future obligations.

F

F

Forbearance

Forbearance

Temporary postponement of mortgage payments.

G

G

Grant Deed

Grant Deed

Deed transferring ownership with implied warranties.

H

H

HOA (Homeowners Association)

HOA (Homeowners Association)

Organization in a neighborhood that sets rules and collects fees for shared services.

HVAC

HVAC

Heating, Ventilation, and Air Conditioning system for climate control.

Hazard Insurance

Hazard Insurance

Coverage for damages from fire, storms, or other hazards.

Home Equity

Home Equity

Difference between a home's market value and what is still owed on the mortgage.

Home Warranty

Home Warranty

Service contract covering repair/replacement of appliances and systems.

Homeowners Association (HOA)

Homeowners Association (HOA)

Group managing community rules and fees.

I

I

Ingress/Egress

Ingress/Egress

Legal right of entry and exit to a property.

Insurance Deductible

Insurance Deductible

Amount homeowner pays out of pocket before insurance coverage applies.

Insurance Rider

Insurance Rider

Addition to an existing insurance policy.

Interest Rate

Interest Rate

Percentage charged on borrowed funds.

J

J

Joint Tenancy

Joint Tenancy

Ownership by two or more parties with right of survivorship.

Judgment Lien

Judgment Lien

Court ruling giving a creditor interest in a property.

K

K

L

L

Leasehold

Leasehold

Temporary property rights under a lease.

Lien

Lien

Legal claim against a property.

M

M

Market Value

Market Value

Estimated amount a property should sell for.

Mortgage

Mortgage

Loan from a bank used to buy a home, repaid in monthly installments.

N

N

Notary

Notary

Authorized person validating property documents.

Notice of Default

Notice of Default

Formal notice that a borrower has missed payments.

O

O

Owner Financing

Owner Financing

When the seller finances the buyer directly.

P

P

Permit

Permit

Approval for renovation/construction work.

Property Survey

Property Survey

Map of land boundaries and features.

Property Tax

Property Tax

Yearly tax homeowners pay to local government based on property value.

Q

Q

Qualified Mortgage

Qualified Mortgage

Home loan meeting government standards.

Quitclaim Deed

Quitclaim Deed

Deed transferring ownership without guarantees.

R

R

Refinancing

Refinancing

Replacing an existing mortgage with a new one for better terms.

Refinancing

Refinancing

Replacing a home loan with better terms.

Renovation

Renovation

Home improvement without structural changes.

Reverse Mortgage

Reverse Mortgage

Loan allowing to convert home equity to cash.

S

S

Surveyor

Surveyor

Professional who measures property boundaries.

T

T

Tax Lien

Tax Lien

Government claim for unpaid taxes.

Trust Deed

Trust Deed

Document securing a loan with property as collateral.

U

U

Underwriting

Underwriting

The process lenders or insurers use to assess risk before approving a loan or policy.

V

V

Vacancy Rate

Vacancy Rate

Percentage of unoccupied rental units.

Variance

Variance

Exception to zoning rules granted by local authorities.

W

W

Walkthrough

Walkthrough

Final inspection before closing.

Warranty

Warranty

Manufacturers repair/replacement guarantee.

Wraparound Mortgage

Wraparound Mortgage

Loan combining new and existing mortgages.

X

X

Y

Y

Yield Maintenance

Yield Maintenance

Penalty for paying off a loan early.

Z

Z

Zero Lot Line

Zero Lot Line

Property built directly on the boundary line.

Zoning

Zoning

Municipal regulation on property use.

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