An officially described piece of land.
A visible deficiency in a piece of property, such as a cracked basement slab or a sagging porch.
Any moveable property in a house such as furniture or appliances.
A common pest-control inspection is a termite inspection, which is required in some states.
Possession
To control or occupy property.
A document that authorizes an individual to act on behalf of someone else.
A letter from a lender that informs a seller about the amount of money that a potential buyer can obtain.
Homes that are sold before they are built.
Preliminary Title Report
A report that is made before a title insurance policy is issued.
Lenders can impose a penalty on a borrower who pays a loan off before its expected end date.
Many lenders will prequalify a borrower who is shopping for a loan by completing a preliminary assessment of the buyer's ability to pay for a home.
Prevailing Party
The party determined to be in the right in a disagreement.
The range of how much a buyer is willing to pay for a home.
A special type of loan insurance that many lenders require borrowers to purchase if the borrower's down payment is less than 20 percent of the home's purchase price.
A real estate sale triggered by the death of the owner, with proceeds to be divided among heirs or creditors.
The official dividing line between properties.
A disclosure issued by the state when a time-share project is located or sold.
Property taxes are calculated at about 1.5 percent of the current market value
The U.S. tax code allows homeowners to deduct the amount they have paid in property taxes.
The value of a piece of property is based on the price a buyer will pay at a certain time.
Prorate
To divide or distribute as agreed.
A document which details the purchase price and conditions of the transaction.
A mortgage that a borrower obtains to acquire a property.
