Buy-sell Agreement

Degree of construction of residential property measured in number of units or dollar value. ...

The grantee who is the tenant of a life estate. When the tenant dies, the estate goes back to the grantor. For example, President Eisenhower and his wife, Mamie, were life tenants of the ...

Legally enforceable, standardized contract offered by a business for a product or service on a take it or leave it basis. Under its terms, the consumer has no opportunity to negotiate the ...

Same as term right of first refusal: Right of an individual to be offered something before it is offered to others. For example, a tenant whose apartment is going to be converted to a ...

Expected selling price of property less costs to sell. It is the net amount received upon the sale of property. gross receivables less allowance for doubtful accounts, representing the ...

A loan indemnified against default by the borrower. Such loans may be a mortgage loan insured by a standard mortgage insurance policy or by FHA mortgage insurance. In the event of the death ...

Transactions taking place between individuals who are alive rather than when one of the parties is either dead (e.g., estate) or is contemplating death. For example, a deed may transfer ...

Limited-time warranty against defects, offered by builders to new home purchasers. Normally effective for a relatively short period of time, such as one or two years. ...

A gated community is a community of homes where you must pass through a security gate in order to enter the community. ...

Basement remodels add more beautiful living space and are usually treated like new construction. This means that it increases your home’s assessed value and therefore an increase in ...

A lock in guarantees a certain interest rate for a certain period of time. ...

A front-end ratio is a ratio of the borrowers monthly housing expenses-including principal, interest, property taxes, and insurance (OITI)-compared to the borrowers gross, pretax monthly ...

A qualifying ratio is the percentages a lender compares to see whether you qualify for a loan. ...

A type of financing in which a developer or seller arranges for the buyer to get a loan at a rate below the current market rate. The developer or seller pays interest costs in order to ...

When you are prequalified, the lender gives you an estimate but does not formally commit to giving you a loan. ...

A condominium is a form of home ownership in which the owner owns the airspace within the walls but doesn't own the actual walls, ceilings, or floors of the home. ...