Glossary of Real Estate Terms A-D AKA – Also Known As Alcalde – Spanish for mayor or chief magistrate. Alienate – To transfer title to property. Alienation – The transfer of title to property. Alienation Clause – Provision in a note or in a security instrument calling for automatic maturity in the event of sale […]
Glossary of Real Estate Terms E-H Earnest Money Deposit – The deposit to show that you’re committed to buying the home. The deposit usually will not be refunded to you after the seller accepts your offer, unless one of the sales contract contingencies is not fulfilled. Easement – A right to the use of, or
Glossary of Real Estate Terms I-L Improved land – Any parcel of land which has been changed from its natural state through the creation of roads, buildings or other structures. Improvements – Any item added to vacant land with the intent of increasing its value or usability. Income Property – Real estate developed or purchased
Glossary of Real Estate Terms M thru P Manufactured Housing – Homes that are built entirely in a factory in accordance with a federal building code administered by the U.S. Department of Housing and Urban Development (HUD). Manufactured homes may be single or multi-section and are transported from the factory to a site and installed.
Glossary of Real Estate Terms Q thru T Qualifying Guidelines – Criteria used to determine eligibility for a loan. Qualifying Ratios – Calculations that are used in determining the loan amount that a borrower qualifies for, typically a comparison of the borrower’s total monthly income to monthly debt payments and other recurring monthly obligations. Quality
Glossary of Real Estate Terms U thru Z U Underwriting – The process used to determine loan approval. It involves evaluating the property and the borrower’s credit and ability to pay the mortgage. Uniform Residential Loan Application – A loan that is not backed by collateral. V VA Guaranteed Loan – A mortgage loan that