Glossary of Real Estate Terms

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- A -

Abstract (Of Title): A compilation of the public records relating to the title to a particular piece of land. The title insurance company and/or an attorney reviews an abstract of title to resolve whether there are any title defects which must be cleared before a buyer can purchase the clear, marketable, and insurable title.

Acceleration Clause: A condition in a mortgage that may demand the balance of the loan to become due immediately. Possible reasons: if the regular mortgage payments are not made or for violation of other conditions of the mortgage.

Acre: A measure of land equal to 43,560 square feet.

Action to Quiet Title: A court action to decide ownership of real property. Although not an action to remove a cloud on a title, both actions are often referred to as "Quiet Title" actions.

Adjustable Rate Mortgage (ARM): A mortgage where the interest rate changes during the life of the loan in line with movements in an index rate. You may also see ARM's referred to as AML's or VRM's.

Agreement of Sale: A contract in which the seller agrees to sell and a buyer agrees to buy. The specific terms and conditions are spelled out in writing and are signed by both parties. Also known as Earnest Money Contract, purchase agreement, sales agreement , or contract of purchase.

Alienation Clause: Calls for a debt under a mortgage or deed of trust to be due in its entirety upon transfer of ownership of the secured property.

Amortization: A payment plan that reduces the debt of the borrower gradually through monthly payments of principal and interest.

Annual Percentage Rate (APR): A measure of the cost of credit, expressed as a yearly rate. APR includes interest as well as other charges. It makes a good basis for comparing the cost of loans, including mortgage plans.

Appraisal: An expert’s estimate or judgment of the quality or value of real estate at a given date.

Appraised Value: The opinion of the value of a property at a given date, based on the location, improvements, etc., of the property and surroundings.

Arrears: Any payment made after its due date is in arrears. Interest is considered to be paid in arrears because it is paid to the date of payment rather than in advance.

Assessment Base: The total assessed value of all property in a specific assessment district.

Assumability: The ability of a seller to transfer the mortgage to the new buyer. This means the mortgage is assumable. Lenders generally require credit review of the new borrower and may charge a fee for the assumption. When you are selling your home assumability can help you attract buyers.

Assumption of Mortgage: An obligation undertaken by a purchaser of property to be personally liable for payment of an existing mortgage or deed of trust. The purchaser is substituted for the original mortgagor. The original mortgagor is released from any further liability in the assumption. The mortgagee's consent is usually required.

- B -

Balloon Note: Periodic payments which are insufficient to complete the amortization of the face amount of the note prior to maturity. The principal amount known as a "Balloon Payment" is due at maturity.


Balloon Payment: The final payment of a "Balloon Note" mortgage usually extinguishing the debt.

Binder or "Offer to Purchase": A preliminary agreement, secured by the payment of earnest money, between the buyer and the seller as an offer to purchase real estate. The binder secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes their mind or is unable to purchase, the earnest money will be forfeited unless the binder states that it is to be refunded.

Blanket Mortgage: A mortgage that covers more than one property.

Bridge Financing: A type of interim loan, usually made between a short term loan and a long term loan, when a borrower needs to have additional time before taking on long term financing.

British Thermal Unit (BTU): Amount of heat required to raise one pound of water one degree Fahrenheit.

Broker: See real estate broker

Building Line: The distances from the ends and/or sides of a lot where construction may not go beyond. It may be established by a filed plat of subdivision, by restrictive covenants in deeds or leases, by building codes, or by zoning ordinances. Also known as Setback.

Buydown: With a seller pays an amount to the lender so that the lender can give the buyer a lower rate and lower payments, usually for an early period of a loan. The seller most likely will increase the sales price to cover the cost of the buydown.

buyer: The purchaser of property.

- C -

Cap: A limit on how much the interest rate or monthly payment of an ARM can change. Payment Cap’s don't limit the amount of interest the lender is earning so it could cause negative amortization.

Certificate of Eligibility: A certificate which states that the veteran is eligible for a V.A. insured loan.

Certificate of Title: A certificate issued by a title company or a written opinion rendered by an attorney that the seller has good marketable and insurable title to the property which is being offered for sale. A certificate of title offers no protection against any hidden defects in the title which an examination of the records could not reveal. The issuer of a certificate of title is liable only for damages due to negligence. The protection offered a homeowner under a certificate of title does not cover to the extent as that offered in a title insurance policy.

Certified Copy: A true copy, validated by the officer that is holding the original.

Cestui que trust: A trust having an equitable interest in property, with the legal title vested in a trustee.

Chain of Title: The chronological order of ownership of a parcel of land, from the original owner to the present owner.

Chattel: Personal property

Closing Costs: The expenses which both buyers and sellers incur to complete the transfer of ownership of a real estate or mortgage transaction. These costs are in addition to price of the property and are items prepaid at the closing day. The agreement of sale negotiated previously between the buyer and the seller may state in writing who will pay each of the costs.; A typical list:; BUYER'S EXPENSES-Documentary Stamps on Notes, Recording Deed and Mortgage, Escrow Fees, Attorney's Fee, Title Insurance, Appraisal and Inspection, Survey Charge; SELLER'S EXPENSES- Cost of Abstract, Documentary Stamps on Deed, Real Estate Commission, Recording Mortgage, Survey Charge, Escrow Fees, Attorney's Fee

Closing Day: The day on which the formalities of a real estate sale are concluded. The certificate of title, abstract, and deed are generally prepared for the closing by an attorney and this cost charged to the buyer. The buyer signs the mortgage, and closing costs are paid.

Cloud (On Title): An outstanding claim or encumbrance which adversely affects the marketability of title.

Commission: Money paid to a real estate agent or broker by the seller as their compensation for finding a buyer and completing the sale.

Contingency: The dependence upon a specific, stated event which must occur before a contract becomes binding.

Contract of Purchase: See agreement of sale

Conventional Mortgage: A mortgage loan not insured by HUD or guaranteed by the Veterans' Administration. It is subject to conditions established by the lending institution and State statutes.

Conversion Clause: A provision in some ARMs allowing a Mortgagor to change the ARM to a fixed-rate loan at some point during the term . Usually the conversion is allowed at the end of the first adjustment period. At the time of the conversion, the new fixed rate is generally set at one of the rate then prevailing for fixed-rate mortgages.

Cost Plus Contract: A building contract that sets the builder's profit at a specific percentage of actual cost of labor and the materials.

Contract Sales Price: The full purchase price as stated in the contract.

County: A division within a state, usually encompassing one or more cities or towns.

Certificate of Reasonable Value(CRV): An appraisal of property for the purpose of insurance by the Veteran's Administration.

- D -

Deed: The formal contract by which title to real property is transferred from one owner to another. A deed contains an accurate description of the property. It should be signed and witnessed according to the laws of the State where the property is located and should be delivered to the purchaser at closing day. There are two parties to a deed: the grantor and the grantee. (See also deed of trust, general warranty deed, quitclaim deed, and special warranty deed.)

Deed of Trust: Like a mortgage, a security contract where real property is given as security for a debt. The difference it that in a deed of trust there are three parties: the borrower, the trustee, and the lender, (or beneficiary). The borrower transfers the legal title for the property to the trustee who holds the property in trust as security for the payment of the debt to the lender or beneficiary. If the borrower pays the debt as agreed, the deed of trust becomes void. If, however, the borrower defaults, the trustee may sell the property at a public sale, under the terms of the deed of trust. Also known as trust deed

Default: Failure to make mortgage payments as agreed to in the terms as set forth in the mortgage or deed of trust. Generally, thirty days after the due date if payment is not received, the mortgage is in default. In the event of default, the mortgage contract may give the lender the right to accelerate payments, take possession, and start foreclosure. Failure to observe other conditions in the mortgage or deed of trust may also result in default.

Defective Title: Title to real property which lacks some of the elements necessary to transfer good title.

Depreciation: A decline in the value of a house due to: wear and tear, adverse changes in the neighborhood, or any other reason.

Devise: Real estate left by will.

Devisee: One to whom real estate is given by will.

Devisor: The person or entity who leaves real estate.

Direct Reduction Mortgage: An amortized mortgage. One on which principal and interest being computed on the remaining balance.

Disbursements: Payments made during the course of an escrow or at closing.

Documentary Stamps: A state tax, in the forms of stamps, that is required on deeds and mortgages when real estate title passes from one owner to another. Not used in Texas.

Down payment: The amount of money paid by the purchaser to the seller at the signing of the agreement of sale. The agreement of sale refers to the down payment amount and will acknowledge the receipt of the down payment. Down payment is the difference between the sales price and mortgage amount. In most cases the down payment will not be refundable if the purchaser fails to buy the property without good cause. If the seller cannot deliver good title, the agreement of sale usually requires the seller to return the down payment and to pay the interest and expenses incurred by the purchaser.

Dragnet Clause: A clause in a mortgage or deed of trust which places the real estate as security for existing debts between both parties.

- E -

Earnest Money: The deposit money given to the seller or their agent by the potential buyer at the signing of the agreement of sale to show that they are serious about buying the house. If the sale goes through, the earnest money is applied against the down payment. If it does not, the earnest money will be forfeited unless the binder or offer to purchase expressly states that it is refundable.

Easement: A clause in a mortgage or deed or trust, which places a right-of-way to a person or company authorizing access to or over the owner's land. A common example is where an electric company obtains a right-of-way across private property.

Encroachment: An obstruction, building, or part of a building that extends beyond a legal boundary onto neighboring private or public land, or a building beyond the building line.

Encumbrance: A legal right or interest in land that affects a good or clear title, and diminishes the land's value. Examples: zoning ordinances, easement rights, claims, mortgages, liens, charges, a pending legal action, unpaid taxes, or restrictive convenants. An encumbrance does not legally prevent transfer of the property to another. To reveal the existence of such encumbrances a title search is usually all that is done, and it is up to the buyer to decide to purchase with the encumbrance, or look into what can be done to remove it.

Equity: The value of a homeowner's unencumbered interest in their real estate. You can figure equity by subtracting from the property's fair market value the total of the unpaid mortgage balance and any outstanding liens or other debts against the property. Equity can increase in two ways: as the mortgage is paid and as the property appreciates in value. When the mortgage and all other debts against the property are paid in full the homeowner has 100% equity in their property.

Escrow: Funds paid by one party to another (the escrow agent) to hold until the occurrence of a specified occurrence, after which the funds are released to a designated individual. In FHA mortgage transactions an escrow account usually refers to the funds a mortgagor pays the lender at the time of the periodic mortgage payments. The money is held in a trust fund, provided by the lender for the buyer. There funds should be adequate to cover the expected annual expenditures for mortgage insurance premiums, taxes, hazard insurance premiums, and special assessments.

- F -

FHA Insured Mortgage: Federal Housing Administration. A federal Agency which insures first mortgages, enabling lenders to loan a high percentage of the sale price.

FSBO: (fizz-bo) For sale by owner

Fannie Mae (FNMC): Federal National Mortgage Corporation popularly known as Fannie Mae. FNMA was established for the purpose of purchasing loans from primary lenders (mortgage companies). FNMA is a private corporation whose stock is traded on the New York Stock Exchange.

Freddie Mac (FHLMC): Federal Home Loan Mortgage Corporation. A federal Agency purchasing first mortgages, both conventional and federally insured, from members of the Federal Reserve System, and the Federal Home Loan Bank System.

Foreclosure: Enforcing payment of the debt secured by a mortgage, or deed of trust, by taking and selling the mortgaged property, and depriving the mortgagor of possession.

Full Disclosure: Revealing all the known facts, which may affect the decision of a buyer.

- G -

General Lien: A lien (example: a tax lien or judgment lien) that attaches to all property of a debtor. For example, a trust deed attaches only to a specific property.

General Warranty Deed: A deed which states not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it, the grantee may hold the grantor liable.

Ginnie Mac (GNMA): Government National Mortgage Association. A federal association which offers special assistance in obtaining mortgages, and purchases mortgages in a secondary capacity. GNMA works with FHA.

Grandfather Clause: Allows the continuation of something (i.e.: a use, a business, etc.) which, was permissible but, because of a change in the law is no longer legal.

Grantee: That party in the deed who is the buyer or recipient.

Grantor: That party in the deed that is the seller or giver.

- H -

Hazard Insurance: Protects against damages caused to property by fire, windstorms, and other common hazards.

Heir and Assigns: The part of a deed that shows the interest the grantee is receiving.

Home Owner Association: In a given area, an association of the people who own homes. The purpose is to improve or at least maintain the quality of the area.

HUD: U.S. Department of Housing and Urban Development. Office of Housing/Federal Housing Administration within HUD insures home mortgage loans made by lenders and sets minimum standards for these homes.

- I -

Ida Odom: The best choice of real estate agents by far!

Impound Account: An account held by a lender for the payment of taxes, insurance, or other expenses.

Index: The measure of interest rate changes that a lender uses to decide how much the interest rate on an ARM will change over time. A good question to ask your lender is how the index for any ARM you are considering has changed in recent years, and find out where it is reported.

Independent Contractor: The salesperson is either an employee or independent contractor. If the Salesperson is an employee, the broker must withhold income tax and pay social security, provide workmen's compensation, and may be liable for some negligent acts of the salesperson while on the job. This is avoided by the broker if salesperson is an independent contractor. Many salespeople are both salespeople and broker.

Installment Sale: A tax word used to describe a sale which is ordinarily attained with a land contract.

Insured Mortgage: A mortgage insured against loss to the mortgagee in the event of default, when the mortgaged property fails to satisfy the balance owing plus the costs of foreclosure.

Interest: The charge paid for borrowing money. A percentage of an amount of borrowed money which is paid for its use over a specific time period. See mortgage note

- J -

Joint and Several: A liability that allows the creditor to sue any single debtor or sue them all together.

Joint Tenancy: A collective interest in property, by two or more joint tenants. The interests in the property must equal, accrue under the same manner, and begin at the same time. Upon the death of a joint tenant the interest passes to the surviving joint tenants, not to the heirs of the deceased.
Judgement: The decision of a court of law. May end in a lien on real property of the defendant.

- K -

(empty)

- L -

Late Charge: The penalty for not making a payment on time.

Lease with Option to Purchase: A lease under which the lessee has the right to purchase the property. It may run for the length of the lease or for a portion of the lease period.

Lender: A general word describing all mortgages, and beneficiaries under deeds of trust.

Letter of Intent: A formal method of stating that a prospective buyer is interested in property.

Liber: Latin for book

Lien: A claim by one person or entity on the property of another as security for money owed. Examples: obligations not met or satisfied, judgments, unpaid taxes, materials, or labor. (See also special lien.)

Life Estate: An estate in real property for a person’s life. Upon death the estate reverts back to the grantor or on to a third party.

Lis Pendens: A legal notice that indicates pending litigation relating to real property and providing notice that anyone acquiring an interest in that property before the date of the notice may be bound by the outcome of the litigation.

Loan Package: The information the lender receives regarding the borrower and the property so the can decide to give or not to give the loan.

Loan Ratio: The amount of a loan compared to the value or selling price of real property.

Loan-to-Value Ratio: The ratio of the mortgage loan amount to the property’s appraised value (or the selling price whichever is less).

- M -

Margin: The number of percentage points the lender adds to the index rate so that the ARM interest rate can be calculated at each adjustment.

Marketable Title: A title that is free and clear of objectionable liens, clouds, or other title defects. A title which permits an owner to sell their property freely to others and which others will accept without objection.

Mechanics Lien: A lien created by judgement for the purpose of paying for work performed and materials furnished in construction, repair or improvements to land, or attached to the land.

Mortgage: A lien or claim against real property given by the buyer to the lender to secure the debt. Under government-insured or loan-guarantee provisions, the payments may include escrow amounts. Generally mortgages run from 10 to 30 years, during which time the loan is to be paid off. Should be recorded in the County Recorders Office.

Mortgage (open-end): See Open End Mortgage

Mortgage Broker: The person who brings together a borrower and lender. They handle all the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or deed of trust as security. Also known as a loan broker.

Mortgage Commitment: The written notice from a lending institution, such as a bank, saying it will advance mortgage funds in a specified amount that enables a buyer to purchase a house.

Mortgage Guaranty Insurance Corporation (MGIC): A private corporation that insures mortgage loans similar to FHA and VA insurance. The difference is it does not insure as great a percentage of the loan.

Mortgage Insurance Premium: The payment made by a borrower to the lender that is transferred to HUD. This premium, an annual rate of one-half of one percent, is used to help defray the cost of the FHA mortgage insurance program and to provide a reserve fund to protect lenders against loss in insured mortgage transactions. Required for loans with a loan above 80.01%.

Mortgage Note

The contract to repay a loan. The contract is secured by a mortgage, serves as proof of the debt, and states how it will be paid. The note states the actual amount of the debt that the mortgage secures and renders the mortgagor personally responsible for repayment.

Mortgage Warehousing: A system where a mortgage company holds loans which would regularly be sold, in order to sell later at a lower discount. They are used as collateral security with a bank to borrow new money to loan.

Mortgagee: The lender in a mortgage agreement.

Mortgagor: The borrower in a mortgage agreement.

- N -

Negative Amortization: When monthly payments do not cover all of the interest cost. Interest cost not covered by the payment is added to the unpaid principal balance. What this means to you is that even after making many payments, you could owe more than you did at the beginning of the loan. This occurs when an ARM; has a payment cap that results if monthly payments not enough to cover the interest due. See also Amortization

Nonconforming Use: A property which does not conform to the zoning of an area.

Note: A written promise to repay a specific amount of money on specified terms.

- O -

Open End Mortgage: A mortgage with a provision that allows the mortgagor to borrow additional money in the future without refinancing the loan or paying additional financing charges. Open-end provisions often limit such borrowing to raising the balance to no more than the original loan figure.

Origination Fee: A fee or charge for work involved in the evaluation, preparation and submission of a proposed mortgage loan.

Owners Policy: Title insurance for the owner of property. Not the lienholder.

- P -

Package Mortgage: A mortgage that covers both real and personal property.

Paper: A mortgage, deed of trust, or land contract, which is given instead of cash.

Partial Release: A release of a portion of property covered by a mortgage.

Permanent Mortgage: A mortgage on completed construction on the same property under a single mortgage or trust deed.

Plat: The map or chart of a lot, subdivision or community that is drawn by a surveyor showing boundary lines, buildings, improvements on the land, and easements.

PMI Private Mortgage Insurance: Insurance similar to FHA or VA insurance, insuring part of the first mortgage or deed of trust, that allows a lender to make a conventional loan of a higher percentage of the property value.

Points: One percent of the principal amount of the mortgage loan. For example, if a loan isfor $100,000, one point is $1,000. A lender charges points to raise the yield on the loan to cover loan closing costs. They are used at a time when money is tight, interest rates are high, and there is a legal limit to the interest rate that can be charged on a mortgage. Buyers are prohibited; from paying points on HUD or Veterans' Administration guaranteed loans (sellers can pay, however). On a conventional mortgage, points may be paid by either buyer or seller or split between them.

Prepayment: Payment of a mortgage loan, or part of it, before the due date. Mortgage agreements often restrict the right of prepayment either by limiting the amount that can be prepaid in any one year or charging a penalty for prepayment. The Federal Housing Administration does not permit such restrictions in FHA insured mortgages.

Principal: The amount of the mortgage loan that a borrower owes not including the interest and insurance. The amount upon which interest is paid.

Property Tax: In general, tax levied on both real and personal property.

Prorate: To divide in proportionate shares, such as taxes, insurance, rent, or other items.

Purchase Agreement: See agreement of sale.

Purchase Money Mortgage: A mortgage given to the seller as part of the purchase consideration, instead of a hard money mortgage.

- Q -

Quit Claim Deed: A document that transfers whatever title, interest, or claim the maker of the deed may have in the particular property. A quitclaim deed is often given to clear the title when the grantor's interest in a property is questionable. However, upon acceptance the buyer assumes all the risks. This type of deed simply transfers to the buyer whatever interest the grantor has, but makes no warranties as to the title. See deed.

- R -

Real Estate: Land and anything permanently attached to the land, and those things that are attached to the building.

Real Estate Broker: A person who buys and sells real estate for a company, firm, or individual on a commission basis. Brokers do not have title to the property, but generally represent the owner.

Recital: An explanation for a transaction written into a deed

Recourse: The right of the holder of a note to look personally to the borrower or endorser for payment. Must have been secured by a mortgage or deed of trust

Refinancing: The repayment of a debt from the proceeds of a new loan using the same property as security. A process where a mortgagor pays off one loan with another loan.

Reissuerate: The charge for a title insurance policy if an earlier policy on the same property was issued within a specified period. Reissue is less than the original charge.

REIT (Real Estate Investment Trusts): A method in investing in real estate in a group. (Certain tax advantages)

Release: A document releasing property from the lien of the mortgage, judgment, etc.

Recision of Contract: Annulling a contract making the parties to it as if there had never been a contract.

RESPA (Real Estate Settlement Procedures Act): A federal statute that requires disclosure of certain costs in the sale of residential improved property which is to be financed by a federally insured lender.

Restrictive Covenants: Private restrictions that limit the use of real property. They are created by deed and may "run with the land," binding all subsequent purchasers of the land, or may be "personal" and binding only between the original seller and buyer. Restrictive covenants that run with the land are encumbrances and may affect the value and marketability of title. Restrictive covenants may limit the density of buildings per acre, regulate; size, style or price range of buildings to be erected, or prevent particular businesses from operating.

- S -

Sales Agreement: See agreement of sale.

Secondary Financing: A loan secured by a mortgage or deed of trust, that is junior to another mortgage or deed of trust.

Secondary Mortgage: The buying and selling of first mortgages or deeds of trust by banks, insurance companies, government agencies, and other mortgagees.

Security: Real or personal property pledged by a borrower, as protection for the lender's interest.

Septic System: A sewage disposal system, where waste drains through pipes and a tile field into a septic tank.

Set Back Ordinance: See Building line

Settlement Statement: A complete breakdown of costs involved in a real estate sale prepared by broker, escrow, or lender.

Sheriff's Deed: Deed given at sheriff's sale in a foreclosure of a mortgage.

Special Assessments: An additional tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc.

Special Lien: A lien that binds a specified piece of property (a general lien, is levied against all one's assets). It creates a right to withhold something of value belonging to another person as compensation for labor, material, or money expended in that person's behalf. In some areas it is called "particular" lien or "specific" lien. See lien

Special Warranty Deed: A deed in which the grantor guarantees to the grantee that nothing has been done during the time he/she held the title to the property which has, or which might in the future, impair the grantee's title. Protection against title defects or claims asserted by the grantor and those persons whose right to assert a claim against the title arose during the period the; grantor held the title to the property.

Specific Performance: An action to enforce the performance of a contract, when money damages for breach are not satisfactory.

State Stamps: See documentary stamps

Statutory Lien: An involuntary lien, including tax liens, judgment liens, mechanic liens, etc.

Substitute of Trustee: A document that changes the trustee under the deed of trust.

Survey: A map or plat made by a licensed surveyor showing the results of measuring the land with its elevations, improvements, boundaries, and its association to neighboring tracts of land. A survey is often required by the lender to assure that a building is actually sited on the land according to its legal description.

- T -

Tax: An enforced charge imposed on persons, property and income, that is used to support the government.

Tax Lien: A lien for the nonpayment of taxes.

Tax Sale: A public auction by governmental authority of property, after a certain period of nonpayment of property taxes.

Tenancy by the Entirety: Ownership by husband and wife whereby each owns the entire property. Upon the death of one, the survivor owns the property without probate.

Title: The rights of ownership and possession of particular property. The documents by which a right of ownership is established, or it may refer as ones ownership interest in real estate.

Title Insurance: Protects lenders or homeowners against loss of their interest in property due to legal defects in title. Title insurance may be issued to a "mortgagee's title policy." Insurance benefits will be paid only to the "named insured" in the title policy, so if an owner wants it, it is important that an owner purchase an "owner's title policy", to acquire the protection of title insurance.

Title Search or Examination: A check of the title records, usually at the local courthouse, to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue special assessments, or other claims or outstanding restrictive convenants filed in the record, which would unfavorably affect the marketability or value of title.

Trust Deed: See Deed of Trust

Trustee: A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. The trustee is placed in a position of responsibility for another, that is enforceable in a court of law. See deed of trust.

- U -- V -

VA Loan

- W -- X -- Y -

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- Z -

Zoning Ordinances: The acts of an authorized local government establishing building codes, and setting regulations for property land usage.