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Here are terms for the first time Buyer for terminology to put you ahead of the rest of the other buyers.

 

 

ABSTRACT OF TITLE A summary of conveyances, such as deeds or wills and legal proceedings, giving the names of the parties, the description of the land and the agreements, arranged to show the continuity of ownership. ACCESS The right to enter and leave a tract of land from a public way. AMORTIZATION The act or process of extinguishing debt, with equal payments at regular intervals over a specific period of time. APPRAISAL The process through which estimates of property value are obtained for a fee:  the estimate of the value of property. APPRECIATION An increase in value of real estate, due to economic or related causes which may be either temporary or permanent. ASSUMPTION OF MORTGAGE When a buyer takes ownership to real estate encumbered with a mortgage, he/she may assume the responsibility as the guarantor for the unpaid balance of the mortgage.  Such a buyer is liable for the mortgage payments. CLOSING Point in a real estate transaction when the seller transfers title to the buyer in exchange for the purchase price. CONDOMINIUM A form of property ownership providing for individual ownership of an apartment or other space, and undivided interest in land and common areas of the structure. CONTRACT FOR DEED Similar to a mortgage used in connection with the sale of property in cases where the seller does not wish to convey until part or all of the purchase price is paid by the buyer.  Also know as a LAND CONTRACT.  If the Buyer misses the last payment, the Seller gets the property back. CONVENTIONAL MORTGAGE A mortgage securing a loan made by investors without government underwriting. COUNTER OFFER A new offer made as a result of another offer, which cancels the original offer. DEED An instrument in writing: when executed and delivered, conveys title. DISCOUNT POINTS Additional charges made by the lender at the time a loan is made.  These additional charges are paid at the time a loan is closed to increase the rate of return to the lender so as to approximate the market level.  One point = one percent. EARNEST MONEY CONTRACT See Purchase Agreement EARNEST MONEY DEPOSIT Down payment of part of the purchase price to bind a contract for the property. EASEMENT The right to use or enjoy certain  privileges that appertain to the record with the owner of adjacent property (Example:  right of way.) EQUITY The value of the interest of an owner of property less encumbrances on the property. ESCROW A deed or other instrument placed in the hands of a disinterested party for delivery upon performance of certain conditions or the happening  of certain contingencies. FHA LOAN A loan which has been insured by the federal government guaranteeing its payment in case of default by the borrower.  Also used in residential properties in rural areas. JOINT TENANCY A tenancy shared equally by two or more parties with the right of survivorship. LAND CONTRACT See Contract for Deed. LIEN Land or property is used as security for the payment of a debt. MORTGAGE A conditional conveyance of property contingent upon failure of specific performance such as the payment of a debt. MULTIPLE LISTING A marketing tool used by members of the service to expose properties to a wider market base. ORIGINATION FEE A fee charged to the borrower by a lending institution. PERSONAL PROPERTY Any property which is not real, such as money, or cars and not attached to the property.  Once the lender agrees to make a loan, the borrower signs a note promising to repay the loan under the designated terms. PURCHASE AGREEMENT An agreement between a buyer and a seller for the purchase of real estate. TITLE (CLEAR OR MARKETABLE TITLE) Clear title with no undisclosed encumbrances; has no litigation. REALTY Real estate, land and whatever naturally or artificially is a part of it. SPECIAL ASSESSMENT A charge laid against real estate by public authority to defray the cost of making public improvements from which the real estate benefits. SUBDIVISION Area of land that has been divided into smaller plats, suitable for building. TENANCY IN COMMON A tenancy shares by two or more parties, without right of survivorship; interests need not be equal. TERM The time period in which a mortgage must be paid. TRUST ACCOUNT A bank account set up by a broker to deposit funds entrusted to him/her by the principals. VA LOAN A loan guaranteed by the Veterans Administration insuring payment in case of default by the borrower.  Available to qualified veterans.