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Annual Percentage Rate. The yearly interest percentage of a loan as expressed by the actual rate of interest paid.
An estimate of value of property from analysis of facts about the property; an opinion of value.
One who acts as an agent for another in negotiating sales or purchases in return for a fee or commission.
In some areas called a “settlement.” The process of completing a real estate transaction between the seller and buyer is completed, the money is disbursed, the papers are signed.
A statement showing the amounts of money each party will receive or pay at the closing of a real estate transaction.
The amount due a real estate broker, mortgage loan broker or real estate agent for services performed.
Same as “agreement,” but usually more formal.
A written document by which title to real estate is conveyed from one party to another.
Loss in value occasioned by ordinary wear and tear.
Down payment or a small part of the purchase price made by a purchaser as evidence of good faith.
Technically, this term strictly refers to a deed delivered to a third person to be held by him until the fulfillment or performance of some act or condition by the grantee. In the title industry, it means the depositing with an impartial third party such as a Title Company
A written agreement usually made between buyer, seller and title company.
Insurance policies include a list of items excluded from coverage.
A mortgage having priority as a lien over any other mortgage or lien on the same property.
A legal proceeding for the collection of real estate mortgages and other types of liens on real estate, which results in cutting off the right to redeem the mortgaged property and usually involves a judicial sale of the property to pay the mortgage debt.
A warranty provision in a deed or mortgage or other real estate instrument.
Real estate insurance protecting against fire, some natural causes, vandalism, etc.
Two or more persons who hold title to real estate jointly, with equal rights to property.
An agreement granting the use or occupancy of land during a specified period in exchange for rent.
The liability of real estate as security for payment of a debt.
A pending lawsuit.
A title that a court of equity considers to be so free of material defects and liens that it will force the title’s acceptance by questioning purchaser. Also known as a merchantable title.
An average between the highest price that a buyer is willing to pay and the lowest price a seller is willing accept.
A lien on real estate, created by operation of law, which secures the payment of debts due to persons who perform labor or services or furnish materials incident to the construction of buildings and improvements on the real estate.
A temporary conditional pledge of property to a creditor as security for the payment of a debt that may be cancelled by payment.
The transcriptions in a recorder’s office of instruments that have been recorded, including the indexes pertaining to them.
The aspects of a title that appear in the public records.
A mortgage ranking in priority immediately below a first mortgage.
The lien that is imposed upon real estate by operation of law that secures the payment of real estate taxes.