is an estimate of the quality or value of something. The process of concluding the value of property.
conveys title to or an interest in Real Estate; shows ownership.
Deed of Trust –
a legal document that is recorded as a lien on the property until the loan is paid in full. A pledge of real estate as security for the payment of debt.
right to use land of another for a specified purpose.
any interest, right, lien or liability attached to a parcel of land that represents a charge upon the property.
closing transaction through a third party called an escrow agent. They receive funds on behalf of the broker’s principal until consummation or termination of transaction.
Joint Tenancy –
ownership of property between two or more parties. In the case of the death of one tenant, their ownership interest passes to the surviving tenant(s).
Loan Origination Fee –
a fee charged to the borrower by the lender for making the mortgage loan. It is usually computed as a percentage.
Loan Discount Fee –
a fee charged to the borrower by the lender usually to reduce the interest rate of the loan. It is usually computed as a percentage.
a pledge of real estate as security for the payment of debt. A legal document that is recorded as a lien on the property until the loan is paid in full.
the original amount of the total due and payable at a certain date.
there are two types: Location Drawing and Metes and Bounds – shows property lines of land and any structures erected on the property.
Tenants In Common –
ownership of property between two or more parties. Upon the death of a tenant, their ownership interest goes to the tenant’s heir(s).
Tenants By The Entireties –
ownership of property between husband and wife. Upon the death of one tenant, their ownership interest is given to the surviving spouse by operation of law.
ownership of land.
Title Defect –
any possible claim or right outstanding in a chain of title that is adverse to the claim of ownership.
Title Insurance –
insurance issued to the homeowner and the lender assuring them financial protection against adverse title claims or risks.
Title Search/Abstract –
search made through the records maintained in the public record office to determine the state of title, including all liens, encumbrances, mortgages, future interest, etc. affecting the property.