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REAL ESTATE AND MORTGAGE TERMS:
R
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- Land and anything permanently affixed to the land and those
things attached to the building.
- A middle man or agent who buys and sells real estate for a
company, firm, or individual on a commission basis. The broker
does not have title to the property, but generally represents
the owner.
- A pecuniary charge laid upon real property for public purposes.
- Registered name for a member of the NATIONAL ASSOCIATION OF
REALTORS.
- Salesperson associated with a broker who is a member of a
the NATIONAL ASSOCIATION OF REALTORS.
- A synonym for real estate.
- Setting forth in a deed or other writing some explanation
for the transaction.
- The act of writing or entering an instrument in a book or
public record, usually in the office of the county cleark and
recorder. Such recording constitutes notice to all persons of
the rights or claims contained in the instrument. This type
of notice is called "constructive notice" or "legal notice."
- The right of the holder of a note secured by a mortgage or
deed of trust to look personally to the borrower or endorser
for payment.
- The practice of refusing to provide loans or insurance in
a certain neighborhood.
Refinancing
- The repayment of a debt from the proceeds of a new loan using
the same property as security.
- A charge for a title insurance policy if a previous policy
on the same property was issued within a specified period of
time. Reissue is less than the original charge.
- A method in investing real estate in a group, with certain
tax advantages.
- Annulling a contract and placing the parties to it in a position
as if there had not been a contract.
- An instrument releasing property from the lien of the mortgage,
judgment, etc.
- A federal regulation that requires lenders and mortgage brokers
to disclose to borrowers, in advance, the fees required to obtain
a mortgage loan.
- Private restrictions limiting the use of real property. Restrictive
covenants are created by deed and may "run with the land," binding
all subsequent purchasers of the land, or may be "personal"
and be binding only between the original seller and buyer.
- Formerly, federal tax on a sale of real property. Canceled
and replaced by state tax stamps.
- A special program for the elderly that provides income until
death. Payment requirements are arranged through the increase
in the principal amount of the loan.
- Pertaining to the banks of a river, stream, waterway, etc.
GLOSSARY:
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