A letter that a title insurance company gives to an attorney who then examines the title for insurance purposes.
Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.
A secondary bid for a property that the seller will accept if the first offer fails.
A statement that shows the assets, liabilities and net worth of an individual.
The sale of a piece of property for less than market value.
Total income before taxes are deducted.
The lender who makes a loan, also called a mortgagee. The person borrowing money is the mortgagor.
Personal property given to a person through a will.
An improvement that increases a property's value as opposed to repairs that maintain the value.
Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale.
A contract in which the parties involved give mutual promises. Also called "reciprocal" contracts.
A document that transfers ownership of personal property.
A report issued by a title insurance company that details the condition of a home's title. and provides guidelines for a title insurance policy.
Breach of Contract
When one breaks an agreement or refuses to do what was promised.
The failure to obey a legal agreement.
A seller's inability to pass clear title to a buyer.
The point in which the owner's rental income matches expenses and debt.
The act of bringing together two or more parties in exchange for a fee or commission.
A comprehensive set of laws that controls the construction or remodeling of a home or other structure.
A city or county employee who enforces the building code and ensures that work is correctly performed.
A halt on home construction to slow the rate of development.
A permit issued by a local government agency that allows the construction of home or renovation of a house.
Regulations that limit the manner in which property can be used.
Built-In Furniture
Fixtures such as bookcases, shelving, cabinets, or furniture permanently affixed to real property.
The various interests or rights an owner has in a property.
A slow real estate market in which buyers have the advantage.
An emotion felt by first-time homebuyers after signing a sales contract or closing the purchase of a house.
By-Laws
Document that establishes the rules for the operation of a common interest community.
