The period of time a property is listed for sale until it is sold or taken off the market.
Declaration
Controlling document which creates and defines a condominium project or planned unit development.
The legal document that transfers ownership of a piece of property.
Default
Nonperformance of a duty or obligation that is part of a contract.
Any repair or maintenance of a piece of property that has been postponed, resulting in a decline in property value.
A mortgage that involves a borrower who is behind on payments. If the borrower cannot bring the payments up to date within a specified number of days, the lender may begin foreclosure proceedings.
Money given by the buyer with an offer to purchase property. Also called earnest money.
The decline in value of a piece of property.
A project in which the owner contracts directly with an individual or company to perform design and construction.
Unlike architects, designers are limited to drawing blueprints.
Images that are incorporated into house listings to give potential buyers a view of the property.
Plans which show the layout of a house but are less detailed than full blueprints.
Disclosure Statement
An information report on property.
Fees that a borrower pays at the time the lender makes the loan. A point equals 1 percent of the total loan amount.
Property that is in poor physical or financial condition.
A list of documents a lender requires when a potential submits a loan application. The required documents range from paycheck stubs to credit card statements.
The amount of money a buyer agrees to give the seller when a sales agreement is signed. Complete financing is later secured with a lender.
DROA
A relationship in which a real estate agent or broker represents both parties in a transaction.
Standard language in a mortgage which states that the loan must be paid when a house is sold.
A structure that consists of two separate family units.
