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An amount which is owed and
must be repaid from one person to another.
The money borrowed for a particular business purpose.
A party who is in debt and owes money to another.
A document recorded to terminate a homestead.
A written statement by a trustee acknowledging
that a property is being held for the benefit of another.
The legal document which conveys title to real property from one party, the grantor to another party,
Deed in Lieu
A deed from a defaulting borrower and accepted by the lender to satisfy a debt and to avoid the necessity
of having the lender go through formal foreclosure proceedings. Also called a "voluntary conveyance."
A document that grants a trustee full power to sell, mortgage and subdivide a parcel of real estate where
the beneficiary controls the trustee's use of these powers under the trust agreement provisions.
The document used in some states instead of a mortgage; title is conveyed to a trustee to secure the repayment
of a sum of money to the beneficiary. See Trust Deed.
The failure to make mortgage payments on a timely basis or to comply with other mortgage requirements.
A court order resulting from the failure of a defendant to answer a complaint in a lawsuit.
A title which will be impaired if an outstanding claim proved to be valid.
The monetary payments which will be made at a future date.
Failure to make mortgage payments when mortgage payments are due resulting in a Default, such as an overdue
A factor which motivates consumers to buy real estate, goods or services at various prices
and under varying conditions. See Supply and Demand.
Of Veterans Affairs
An agency of the federal government responsible for administering programs of veterans benefits for veterans,
their families, and survivors.
The agency guarantees residential mortgages made to eligible veterans. The guarantee protects the lender
against loss and thus encourages lenders to make mortgages to veterans.
Money given in good faith to assure the purchase of real estate. If the party who put up the deposit fails
to perform, the deposit is forfeited, unless conditions in the contract allow a refund. Also known as
A loss in the value of property. This may occur due to physical deterioration, functional obsolescence
or economic obsolescence. Opposite of appreciation.
A person/business who prepares land to become an real estate project by making improvements to the land
and selling it as a completed project.
A real estate project where improvements have been made to a parcel of land such as subdividing, sewer
and drainage lines, road access, utilities and buildings.
A statement required by law in which the seller of a property must reveal specified information or concerns
to potential buyers.
A licensed broker who provides brokerage services for a lower commission, or for a flat fee instead of
a percentage of the selling price. The broker provides less extensive brokerage services than a full-service
broker. See also a Flat fee broker.
A point, sometimes also called a "discount point". One point is one percent of the loan amount
which a borrower must pay to a lender in order to get a loan at a stated lower interest rate.
1. The resulting number of one number divided by another number
2. Distribution of a portion of a company's earnings to a class of its shareholders. The dividend is most
often quoted in terms of the dollar amount each share receives (DPS: dividends per share). It can also
be quoted in terms of a percent of the current market price, referred to as dividend yield.
The legal rights of a widow in the possessions of her husband at his death.
A partial payment of the purchase price of a property that the buyer pays in advance and does not finance
with a mortgage.
A roughly estimated appraisal without the benefit of inspecting the interior and which may not conform
to USPAP Standard. This may be done in the case that the appraiser hired was not allowed to enter the
An investigation or audit of a potential investment. Due diligence serves to confirm all material facts
in regards to a sale.
A legal principle that the government must normally respect all of a person's legal rights instead of
just some or most of those legal rights when the government deprives a person of life, liberty, or property.
A provision in a mortgage that allows the lender to demand repayment of a loan in full if the borrower
sells the property that serves as security for the mortgage.
This terminology is usually used for second mortgages. Similar to Due-on-Sale Clause.
A two-family dwelling. A duplex is a house that is divided into two seperate dwellings. It has two separate
entrances and the two dwellings may or may not be identical is size and amenities.
The definitions of Real Estate
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