A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost.
Real Estate and Mortgage

Land and the property permanently attached to it, such as buildings, houses, stationary mobile homes, fences and trees. In legalese, real estate is also called real property.
Real Estate and Mortgage

A foot soldier of the real estate business who shows houses and does most of the other nitty-gritty tasks associated with selling real estate. An agent must have a state license and be supervised by a real estate broker. Most agents are completely dependent upon commissions from sellers for their income, so it pays to find out which side the agent represents (buyer, seller or both) before you place too much trust in the agent's opinion.
Real Estate and Mortgage

A real estate professional one step up from a real estate agent. A broker has more training and can supervise agents, but its still worth examining his or her loyalties.
Real Estate and Mortgage

A consumer protection law that requires lenders to give borrowers advance notice of closing costs.
Real Estate and Mortgage

Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof. Anything that is not real property is termed personal property.
Real Estate and Mortgage

The word REALTOR® is actually a registered trademark that can only be used by someone who has been accepted as a member of a National Real Estate Association. Associations require all of its members to adhere to a strict Code of Ethics and Standards of Business Practice. The Code and Standards are very important because they assure that all REALTORS offer the highest level of service, honesty and integrity possible. All REALTORS are subject to constant professional monitoring that keeps them directly accountable to the individual consumers they serve. Associations also ensure that all of its members are knowledgeable and highly trained in order to better serve the public and offers ongoing education courses so that REALTORS continue to meet the highest professional standards in an ever-changing industry.
Real Estate and Mortgage

The public official who keeps records of transactions that affect real property in the area. Sometimes known as a ''Registrar of Deeds'' or ''County Clerk''.
Real Estate and Mortgage

The process of filing a copy of a deed or other document concerning real estate with the land records office for the county in which the land is located. Recording creates a public record of changes in ownership of all property in the state.
Real Estate and Mortgage

The process of paying off one loan with the proceeds from a new loan using the same property as security.
Real Estate and Mortgage

The amount of principal that has not yet been repaid. See principal balance.
Real Estate and Mortgage

The original amortization term minus the number of payments that have been applied.
Real Estate and Mortgage

Laws that limit the amount of rent landlords may charge, and that state when and by how much the rent can be raised. Most rent control laws also require a landlord to provide a good reason, such as repeatedly late rent, for evicting a tenant. Rent control exists in some cities and counties in California, Maryland, New Jersey, New York and Washington, D.C.
Landlords and Tenants

Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty that renders the leased premises unavailable for use and as a result of which the tenant is excused from paying rent.
Real Estate and Mortgage

An arrangement made to repay delinquent installments or advances.
Real Estate and Mortgage

A fund set aside for replacement of common property in a condominium, PUD, or cooperative project -- particularly that which has a short life expectancy, such as carpeting, furniture, etc.
Real Estate and Mortgage

A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.
Real Estate and Mortgage

A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.
Real Estate and Mortgage

The right to enter or leave designated premises.
Real Estate and Mortgage

The right of a surviving joint tenant to take ownership of a deceased joint tenant's share of the property.
Real Estate and Mortgage