A title search examines public records for the history of the home, including sales, purchases, and tax and other types of liens....

In a short sale, the property is being sold for less than the debt secured by the property. Short sales will require the approval of the...

A purchase agreement is a contract between a buyer and seller stating the terms of the home sale. It may stipulate conditions like sale...

Private mortgage insurance is a policy that protects your lender in case you default on your loan. Usually, if your down payment is less...

Escrow is a legal arrangement where a third party holds large funds until terms of an agreement are met. In real estate, you’ll set up an...

Earnest money is part of your down payment paid before closing to show you are serious about purchasing a home. It is also known as a...

Conventional mortgages are funded by private lenders rather than government-backed agencies. Most often, these loans are then sold to...

A right of first refusal clause is a valuable tool for sellers who find themselves dealing with a home sale contingency. This clause...

Dual Agency occurs when a real estate agent works on behalf of both the home buyer and seller. In most real estate transactions, it is...

An escrow holdback agreement lets the buyer hold back a portion of the seller’s proceeds in escrow. There are various reasons you may...

An earnest money deposit is essentially a deposit on the property that you're looking to buy. As a general rule, you can expect to pay...

Closing costs are the fees you pay as part of a purchase agreement for residential property. Sellers have closing costs as well related...

An agent will use real estate comparables in order to determine the market value for a particular property. The acronym for this real...

A Neighborhood Association is a voluntary membership organization that deals with social, political, zoning and other issues which...

A Lien is an interest in property granted by the owner of that property, to another party (the lienholder), until the property owner...

A Fixture is a personal property which is permanently affixed or attached to real property such that it is considered to be an integral...

A Deed of Trust is one form of real estate security agreement granting a security interest in real estate which typically contains a...

Amortization is the gradual elimination of a liability, such as a mortgage, in regular payments over a specified period of time. Such...

A property goes into foreclosure when the homeowner misses mortgage payments and the lender tries to recover the balance of a loan....

Transfer of ownership is when a property has a new owner who purchased it and assumed its mortgage debt. Considering a career in real...