The money comes from the agent commission.
Grantee - The individual to whom interest in real property is conveyed. Grantor —The individual conveying the interest in real property to another person.
Guarantee Mortgage — A mortgage that is guaranteed by a third party, often a government agency. The borrower pays an annual premium for this coverage.
These funds are held in reserve on behalf of the borrower in an escrow account. Many contracts to purchase are contingent on the buyer having a home inspection performed within a certain time period prior to closing.
Homeowners Insurance — The same as hazard insurance. It covers the property mortgaged against loss due to fire, hail, theft, etc. The borrower selects the insurance, and pays the annual premiums, often through an escrow account.
Homeowners Warranty - An insurance policy covering specific future repairs, should they become necessary, for a specific time period. These are often provided by the seller or builder as a condition of sale. Department of Housing and Urban Development. Investment Property — A property that is not occupied by the owner as their primary residence but is instead used to produce income, depreciation for tax benefits or future gains by appreciation.
Should any of the joint tenancy owners die, no interest in the property can be transferred by will as the remaining joint tenant s acquires all ownership. Junior Mortgage - A second, third or equity mortgage that is subordinate to an existing lien already on the property.
Confused About Real Estate Terminology and the Real Estate Contract? Here are Answers to Your Questions. Cover Letter. Information about cover letter, structure, how to write, tips for cover letter, samples. Cover Letter Sample MDM Administrator, EMM Specialist. Real Estate Industry News. Commercial Earnings Grow With Healthy Market: NAR. College Debt Drains $92, From Homebuyers’ Pockets. How a Single Mom Became a Multimillion-Dollar Real Estate .
Late Charge - As established in the original agreement, the penalty that is due when the borrower fails to pay by a certain number of days after the payment due date. There is usually a 15 day grace period on traditional mortgages before late charges are incurred.
Rent payments often have a 3 — 5 day grace period. These materials have since been taken off the market as they can be harmful.
When selling or leasing a property that was built prior tothe owner should take care to provide the buyer or tenant with a lead based paint disclosure. Lease Purchase - A contract between a tenant and an owner by which part of the monthly rent payments may go toward down payment on the property.
When pre-determined sufficient funds are received by the seller, the buyer may seek a first mortgage through a typical lender or in some cases with the seller.
Legal Description - The written description of a piece of land giving all pertinent information such as land lot, subdivision name, Block, parcel, acreage, etc. For a real estate contract to be binding it must include an accurate legal description.
Lessee - The person to whom property is rented or leased; called a tenant in most residential leases. Lessor - The person who rents or leases property to another.
In residential leasing, he or she is often referred to as a landlord.
One who leases property to a tenant. Lien - A monetary claim against a property that must be paid off when a property is sold in order for the new ownership to be legally recorded in county records.
Lifetime Cap — The maximum that an interest rate can increase or decrease over the life of a loan.
Listing Agent - A real estate agent that represents the seller of the property. It is often another broker, representing a buyer, that secures an offer to purchase the property. In such cases, the brokers cooperate co-op and the commission is split between the two companies. Listing Contract also called Listing Agreement - A real estate broker or agent, acting on behalf of the broker and a seller sign this agreement in order to give the broker the rights to advertise the property and represent the seller.
The seller's real estate is then listed for sale, most often in a multiple listing service. In most cases the payment of a commission to the brokerage is contingent upon the agent procuring a satisfactory buyer for the property within the time frame of the Listing Contract.
Flat fee listing contracts have become popular, whereby a seller may pay a specified amount upfront for the services received. All details are typically determined by the listing contract. See Listing Contract Loan Application - A form used to apply for a mortgage loan that a borrower must complete in order to secure the loan.
Loan Origination - The process of applying for a mortgage loan.5 Easy Steps to Earn a Texas Real Estate License. Have you ever considered getting a Real Estate License in Texas? You can now get your Texas Real Estate Sales Agent license in these 5 simple steps!
New Jersey Broker Real Estate Exam prep guide will have you quickly prepared for your upcoming Broker License Exam. In school, it’s graduation. In romance, it’s the wedding. And in real estate, the magic day is closing.
Unlike those other big life-changing moments, closing day (or settlement day) is short on ceremony and long on signing. Listings. Real estate agents frequently refer to homes for sale as “listings.” A “listing” on a website shows information about the home, like the price and number of bedrooms.
What is Real Estate Wholesaling? Wholesaling is a term used in the real estate industry to describe the process of finding great real estate deals and getting paid to bring them to real estate investors.
This perception has made us one of the most heavily regulated industries in Australia.. Real estate agents are constantly audited by the ATO, covertly spied on by Fair trading at auctions, taken to CTTT tribunals by tenants/landlords, disciplined by The REI, fined by Australian Securities and Investments Commission about advertising and not to .