Glossary of Real Estate Terms

There are 125 entries in this glossary.
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Term Definition
Abstract of title

Abstract of title is a condensed history of ownership of real estate. It consists a summary of original grant and a certificate of abstractor that the history is true and complete.

Additional principal payment

The payment given by the borrower more than the scheduled principal amount in order to reduce the due payment on his debt

Adjustable Rate Mortgage

Adjustable Rate Mortgage is a lone where the rate of interest is periodically adjusted based on a predetermined index.

Agreement of Sale

Agreement of Sale is a written document of a deal between the buyer and the seller to seller buy real-estate property. The contract is on installment basis. It is also called Agreement to Convey.

ALTA

The full form of ALTA is American Land Title Association. It is an Organization composed of title insurance firms .It sets standards for industry, including title insurance policy forms which are used on a national basis in the United States of America.

Apartment

A self-contained housing unit which occupies the the part of building is called an Apartment.It can be owned or rented by the owner. In Britain and other commonwelth contries, the term Flat is used instead of apartment.

Balloon payment

Balloon payment is a lone where monthly payment is very low. But the full balance ought to be paid on the maturity date. The final lump sum payment that is made at the maturity date is called Balloon payment.

Bankrupt

Someone who has surrendered all his assets to a court-appointed trustee and is declared free from his due payment of his debts by the court is called Bankrupt.

Bankruptcy

Bankruptcy is a special kind of proceeding under federal laws. Here the property of a debtor is protected by the court and the property can be divided or distributed among the debtors creditors and the debtor.

Broker

A broker is a negotiator between two parties. He brings the parties together and assists them to negotiate contracts between them for the commission or fee.

Budget

Budget means a detailed plan of your expenditure in certain duration of time. It can help you to maintain your future investment and expenditure.

Capital

Capital means the amount of money which you invest in the business to create income. The whole some of amount accumulated by a person is also called Capital.

Cash-out refinance

Cash-out refinance is a refinance transaction where the borrower gets additional money which is needed to repay the existing first mortgage.

Collateral Security

Collateral Security means some additional security provided by the borrower. Here the lender is given the right to sell the property to repay the debt if the borrower can not repay his debt.

Conservator

Conservator is a person who is appointed by the court to take care of the property of an incompetent person who is unable to take care of his property due to his bad health.

Contingencies

Conditions in a real estate contract that specifies the contract would cease to exist upon the occurrence of a certain event

Corporation

Corporation is an entity which is authorized by the law and set by a group of people. It is endowed with certain rights and privileges but it has some duties also.

Debt

Debt means some amount of money which someone owes to another.

Debtor

The debtor is the person who owes the debt.

Deed

Deed is the legal document which conveys the title to a property.

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