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Real Estate Glossary
For your convenience, we've compiled a list of words and phrases to help you understand Real Estate better.
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The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death.
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Items of value owned by an individual. Assets that can be quickly converted into cash are considered "liquid assets." These include bank accounts, stocks, bonds, mutual funds, and so on. Other assets include real
, personal property, and debts owed to an individual by others.
This has different meanings in different states. In some states a real
transaction is not consider "closed" until the documents record at the local recorders office. In others, the "closing" is a meeting where all of the documents are signed and money changes hands.
A sum of money given in advance of a larger amount being expected in the future. Often called in real
as an "earnest money deposit."
A written contract that gives a licensed real
agent the exclusive right to sell a property for a specified time.
A person named in a will to administer an
. The court will appoint an administrator if no executor is named. "Executrix" is the feminine form.
HUD-1 settlement statement
A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real
commissions, loan fees, points, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the "closing statement" or "settlement sheet."
Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders to give borrowers advance notice of closing costs.
agent, broker or an associate who holds active membership in a local real
board that is affiliated with the National Association of Realtors.
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