Homestead
Definition of "Homestead"
Legal status conferred by certain states on a homeowner's principal residence. In certain states, homestead status may provide protection against creditor claims or forced land sales providing the homeowner continues to maintain his or her residence there. Homestead status may also qualify the homeowner for a homestead exemption.
Popular Real Estate Terms
Fee payable because of late payment. For example, a mortgagor is assessed a $30 late charge by the bank for not paying the mortgage payment when due. ...
Generally, a tight market does not offer too much opportunity for negotiations. More precisely, a tight market means a trading environment where the spreads between the asking and ...
In a broader sense, Full Disclosure means presenting all information (significant or not, classified or not) related to a certain matter. In Real Estate, the term “Full ...
Statement made by a person that is not in writing. An example is an oral representation made by a real estate broker to a prospective buyer of property. ...
The definition of net sales price in real estate is the combined total cost to the buyer of a listing, excluding any auxiliary costs such as the sales fee, appraisal fee, real estate agent ...
Intermediate debt (5 to 10 years) without periodic payments but the entire amount (balloon payment) is due at the maturity date. If full payment is not made, the lender may foreclose on the ...
The Loan-to-value ratio (LTV) is a calculation that measures how much you need to pay for a mortgage (loan) concerning how much the asset is worth. The loan-to-value ratio in real ...
America remains a top tourist attraction worldwide, with over 79 million foreign visitors a year. Many are seduced by the American Dream and sooner or later they wonder how they could ...
Supports a structure. ...
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