Archives: Glossary Terms

The miscellaneous expenses buyers and sellers normally incur at settlement in the transfer of ownership of real property over and above the cost of the property such as recording fees, attorney fees, title insurance premium, etc.

A separate accounting of funds to the buyer and seller as required by law at the completion of every real estate transaction.

Any outstanding claim, lien, encumbrance, document or condition usually revealed by a title search which impairs the title and the marketability of a property until it is removed by a quitclaim deed or quiet title court action.

A housing arrangement in which units are placed close together to allow for large recreational or common areas..

The ownership of the same property by two or more persons.

Any real or personal property having marketable value that a borrower pledges as security in order to obtain a loan. In mortgage transactions, specific land is the collateral..

An additional separate obligation attached to a contract to guarantee its performance such as by agreeing to transfer certain property or valuables to insure the performance of the contractual agreement..

The traditional design, usually using the characteristics of New England homes that is usually a two-story house with balanced openings along the main facade, with windows constructed of small panes, shutters and dormer windows on the third floor with attention to small detail.

A written document that appears to be good title but which in fact is not title usually because the grantor either did not hold title or the document given was a defective mode of conveyance..

The compensation or fee for services that a licensee receives for performing the agreed-upon terms under a brokerage contract which iIn the practice of real estate this is usually a percentage of the selling price of a property, a percentage of rentals, a flat fee, etc..