Real Estate Glossary – Property Terms and Definitions In order to understand the real estate industry well, you need to read to know the various property terminologies regarding the industry. Due to a variety of potential title âdefectsâ title insurance is secured by both home buyers and their lenders. In short, the title is a document that proves you own a property. The important thing is to get at least a couple of opinions for any sellers you represent to get as accurate a figure as possible. If you own a home yourself, you already know about homeowners insurance and how itâs mandatory for those who purchase residential units. When your clients purchase a property, itâs often with the intent of not only moving into a more preferable home than their previous one, but also to have that home appreciate in value over time. Theyâre ready to secure a loan from the lending institution, but realize it takes time to obtain a mortgage. The interest rates for these types of home loans can vary after a fixed-rate period as determined by the lender. According to The Balance, there are different types of deeds a grantor can convey to a grantee â this will vary from state to state. Nothing is guaranteed at this point in time, but itâs a clear indication you and your agent counterpart need to work with one another (and as quickly as possible) to get all of the paperwork in order so you can get to closing day â and that much closer to your hard-earned commission. Long-term mortgage interest rates continued their move to record highs for 2015, according to data from mortgage finance company Freddie Mac. There are MLSs for just about every local housing market across the country, with a few exceptions. The classification is important because the zoning, construction, and sales are handled differently. As outlined in an Inman News piece, itâs quite rare for a title insurance claim to be made, but it can happen. Once a loan is paid off, lenders will release borrowers from their contractual obligations with them via a reconveyance deed. This isnât a terribly popular option for buyers â and, as a Trulia blog post points out, there are some restrictions with assumable mortgages â but itâs yet another avenue for buyers to take in their quest to purchase their first, next, or even dream home. Menu. Dwelling coverage, for instance, can provide owners with money to repair or rebuild their homes should substantial damages occur. Other times, theyâll request (or mandate) sellers take care of any issues before they finalize purchases for their properties. Many homeowners fell severely underwater on their home loans. Others say it’s from the Latin word rex, meaning “royal,” since kings used to own all land in their kingdoms. In the case of mortgage originators, their goal, first and foremost, is to convince potential borrowers their home loan product is the premier one for them. and protects consumers, has prepared this glossary to help you better understand the terms commonly used in the real estate and mortgage marketplace. Similarly, buyers want to know all costs associated with a home purchase, meaning itâs in their best interest to create a buyer net sheet that outlines all expenses. In essence, any buyer who obtains this type of home loan will owe a huge, one-time payment at the end of their loan-term period to their lender. Disclaimer This project is intended to provide information and insight to industry practitioners and does not constitute advice or recommendations. One thing these individuals need to be careful with when making these alterations to their homes is encroachment: accidentally making structural changes that surpass their property line and move into another homeownerâs lot. 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