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The brokerage commissions and fees, and any additional transaction costs that are incurred during the sale of the property.
The total amount paid to the seller at time of sale.
The sale proceeds before tax minus the tax liability on the sale.
The sale price minus the sale costs and the mortgage loan balance.
A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.
See Agreement of sale.
A way to determine market value by comparing a subject property to properties with the same or similar characteristics.
Among the customers of Savings and Loans (S&Ls) are individual savers and residential and commercial property mortgage borrowers. Their traditional role for savings and loans is to accept deposits and make mortgage loans, but it has expanded recently to a focus on one- to four-family residential mortgages, multifamily mortgages and commercial mortgages. These institutions are growing bigger, and the lines between S&Ls and commercial banks are not as defined as in the past. Deposit insurance is provided through the Savings Association Insurance Fund, a subsidiary of the Federal Deposit Insurance Corporation.
A mortgage that has a lien position subordinate to the first mortgage.
See Junior mortgages.
The buying and selling of existing mortgages.
A unit of land measure. One mile square containing 640 acres.
Loans for the construction or rehabilitation of housing for the Elderly and Handicapped, authorized by the Housing Act of 1950.
Housing Assistance Payments Program, authorized by the Housing and Community Development Act of 1974.
A loan that is backed by collateral.
The property that will be pledged as collateral for a loan.
An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.(see also "Owner Financing")
A house that is attached to another property, such as a duplex or townhouse.
A mortgage, usually a first mortgage, having priority over another.
An underground tank used for sewage treatment where city sewerage is not available.
An organization that collects principal and interest payments from borrowers and manages borrowers' escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.
The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.
A distance from the curb to the building. Often a minimum setback is specified by ordinance or code..
The final step before you get the keys to your home is a formal meeting called the closing. It is at this meeting in which ownership of the home is transferred from the seller to the buyer. Also called a settlement in some parts of the country, the meeting is typically attended by the buyer(s), the seller(s), their attorneys if they have them, both real estate sales professionals, a representative of the lender, and the closing agent. The purpose is to make sure the property is physically and legally ready to be transferred to you. Several closing costs will be paid at this meeting. These expenses are over and above the price of the property and are incurred when ownership of a property is transferred. Closing costs generally include a loan origination fee, an attorney's fee, taxes, an amount placed in escrow, and charges for obtaining title insurance, and a survey. Closing costs vary according to the area of the country.
A lawyer who organizes the closing on a house sale, by preparing necessary papers, paying fees, and conducting the settlement meeting between seller and buyer.
See closing costs.
The HUD-1 Settlement Statement itemizes the amounts to be paid by the buyer and the seller at closing. The (blank) form is published by the U.S. Department of Housing and Urban Development (HUD).Items on the statement include:
A mortgage loan agreement in which the lender shares in the appreciation of the real property.
Interest charged only on the outstanding principal.
One- to four-unit properties including detached homes, townhomes, condominiums, and cooperatives.
The Section 221(d) program provides mortgage insurance for multifamily properties consisting of single-room occupancy (SRO) apartments. These apartments are intended for people--usually a single person--who have a source of income but are priced out of the rental apartment market. HUD Web site @ www.hud.gov:80/progdesc/221d--df.html
A plot of ground upon which anything is, has been, or will be located.
Certain processing procedures required for commitment of FHA mortgage insurance on most Multifamily projects and large subdivisions.
The SBA offers a wide variety of assistance to small and small disadvantaged businesses. HUD contracting offices work closely with the SBA in seeking small business suppliers. Local SBA offices frequently can direct firms to agencies that purchase the products they offer. The SBA can also provide names and addresses of prospective military and civilian agency customers. Information about the SBA's programs and services are available for the internet at: SBA Web site at www.sba.gov
A special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc.
An account that is established for rehabilitation mortgages to hold the funds needed for the rehabilitation work so they can be disbursed from time to time as particular portions of the work are completed.
A lien that binds a specified piece of property, unlike a general lien, which is levied against all one's assets. It creates a right to retain something of value belonging to another person as compensation for labor, material, or money expended in that person's behalf. In some localities it is called "particular" lien or "specific" lien. (See lien.)
A deed in which the grantor conveys title to the grantee and agrees to protect the grantee against title defects or claims asserted by the grantor and those persons whose right to assert a claim against the title arose during the period the grantor held title to the property. In a special warranty deed the grantor guarantees to the grantee that he has done nothing during the time he held title to the property which has, or which might in the future, impair the grantee's title.
A detailed description of the size, shape, materials, and other details of a building or remodeling project.
Zoning that sets aside certain areas for purposes different from the general area requirements.
The method used to determine the monthly payment required to repay the remaining balance of a mortgage in substantially equal installments over the remaining term of the mortgage at the current interest rate.
A lease in which the rental amount paid by the lessee increases by a preset rate at predetermined intervals.
A mortgage that allows for the interest rate to increase according to a specified schedule (i.e., seven years), resulting in increased payments as well. At the end of the specified period, the rate and payments will remain constant for the remainder of the loan.
Vertical timber in a wall.
A contractor that a contractor hires. If you hire a contractor to remodel your kitchen, for instance, he might hire a plumber as a subcontractor to add new pipes for a dishwasher.
Separation of a parcel of land into smaller parcels.
A housing development that is created by dividing a tract of land into individual lots for sale or lease.
The property under analysis or appraisal.
When one purchases subject to a mortgage, the purchaser agrees to make the monthly mortgage payments on an existing mortgage, but the original mortgagor remains personally liable if the purchaser fails to make the monthl y payments. Since the original mortgagor remains liable in the event of default, the mortgagee's consent is not required to a sale subject to a mortgage. Both "Assumption of Mortgage" and "Purchasing Subject to a Mortgage" are used to finance the sale of property. They may also be used when a mortgagor is in financial difficulty and desires to sell the property to avoid foreclosure.
The transfer of a legal interest in leased premises by a tenant to another person that is less than the tenant's leasehold interest.
To make a mortgage subservient to another mortgage.
Any mortgage or other lien that has a priority that is lower than that of the first mortgage.
An alternative financing option known as the Community Seconds mortgage for low- and moderate-income households. An investor purchases a first mortgage that has a subsidized second mortgage behind it. The second mortgage may be issued by a state, county, or local housing agency, foundation, or nonprofit corporation. Payment on the second mortgage is often deferred and carries a very low interest rate (or no interest rate). Part of the debt may be forgiven incrementally for each year the buyer remains in the home.
Generally, a payment or benefit made where the benefit exceeds the cost to the beneficiary. (GAO) HUDCAPS Core Financial System Standard Accounting Interface, dated 9/30/97
The Supportive Housing Program promotes the development of supportive housing and supportive services, including innovative approaches that assist homeless persons in the transition from homelessness and enable them to live as independently as possible. SHP funds may be used to provide transitional housing, permanent housing for persons with disabilities, innovative supportive housing, supportive services, or safe havens for the homeless. HUDWEB, Continuum of Care and Veterans Programs Glossary
Reconveyance of property or lease to mortgagee or landlord.
A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features. Your lender may require you to have a survey of the property performed. This process confirms that the property's boundaries are correctly described in the purchase and sale agreement. Also called a plot plan, the survey may show a neighbor's fence is located on the seller's property or more serious violations may be discovered. These violations must be addressed before the lender will proceed. The buyer usually pays to have the survey done, but some cost savings may be found by requesting an "update" from the company that previously surveyed the property.
A professional who checks the boundaries of a property.
Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.
MBA, e-PRO, GRI
Spokane Real Estate Advisor
Licensed in Washington & Idaho
John L Scott Real Estate
Cell (509) 979-2535
Office (509) 924-4200
Fax (509) 924-4070
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