Archives: Glossary Terms

A home that is constructed totally at the site. It is the opposite of a factory-built, manufactured or mobile home.

A mortgage loan that is not insured, guaranteed or funded by the Veterans Administration (VA), the Federal Housing Administration (FHA) or Rural Economic Community Development (RECD) (formerly Farmers Home Administration).

An adjustable rate mortgage that allows the borrower the option to convert at a specified point in time to a fixed-rate schedule for a nominal fee and at a rate that is determined according to the loan documents.

To transfer title to property from one person to another..

A written instrument transferring the title to land or an interest therein from one person to another such as with a deed or a trust deed.

See Listing broker.

Any building but usually an apartment building where the property is owned in severalty by a corporation often called a “stock cooperative” in which ownership of a specific apartment unit is acquired by purchasing shares of the stock of the corporation and occupancy is permitted by entering into a proprietary lease with the corporation. A cooperative places substantial restraints on the alienation (sale) of the units as well as their use.

The rights to possess and alter visible or tangible real or personal property.

A written instrument which corrects an error in a recorded deed.

A second party who signs a promissory note together with the primary borrower.