Definitions

lender

Definition: lender A lender is any organization, individual, or public group that makes funds available with the stipulation that the... read more →

closing costs

Definition: closing costs Closing costs are the fees paid at the time of the closing of a real estate transaction.

rent

Definition: rent (verb) To pay someone for the use of something or occupancy of somewhere.

property tax

Definition: property tax A property tax is a levy on the value of the property by government authority.

buyer (home)

Definition: (home) buyer A home buyer is a person who is looking to purchase a new home.

zoning laws

Definition: zoning Zoning is the regulation of the use of real estate property by local government, restricting property to residential,... read more →

condo

Definition: condo Short for condominium, a condo is on of a group of housing units, in which each homeowner has... read more →

Seller

Definition: (home) seller A (home) seller is the person who puts a home on the market for sale.

Property address

Definition: property address The property address is a way to define or pinpoint where a piece of property is located.

Pre-qualification

Definition: pre-qualification Pre-qualification is the initial evaluation of credit worthiness of a potential borrower that is used to determine the... read more →

Payment cap

Definition: payment cap A payment cap is a set upper-limit on the interest rate to protect you when getting an adjustable-rate... read more →

Lien

Definition: lien A lien is a legal right to the possession of a property owned by another person until a debt owed by... read more →

What is MLS?

Definition: MLS (multiple listing service) A multiple listing service, or MLS, is a service that provides a searchable database of property... read more →

What does FHA stand for?

Definition: FHA FHA stands for Federal Housing Administration. The Federal Housing Administration is a government agency that sets standards for construction, underwriting,... read more →

What is escrow?

Definition: escrow Escrow is the monetary assistance offered by a third-party on behalf of the transacting parties.

Definition of closing

Definition: closing Closing is the final step in a real estate transaction, also known as a completion or settlement.