Like a Blue Book for homes, the chain of title is the documentation of all past ownership of a property. It runs from the present owner...

If you put an offer on a home without seeing it in person, you’re making a blind offer. This may happen when an out-of-state buyer is...

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

Comparables are recently sold properties that help appraisers determine a home’s fair market value. They are similar to the listed...

A due diligence period of time might be available in the purchase agreement, which is a time frame provided to a buyer to fully examine a...

A quitclaim deed is a document transferring ownership of property from one party to another. It transfers the title of the property --...

A planned unit development (PUD) is a housing community made up of single family residences, townhomes, and condominiums -- as well as...

Conventional mortgages are among the industry’s most common loan offerings. In fact, many homebuyers choose a traditional 30-year...

Probate sales occur whenever a homeowner passes away without writing a will or leaving the property to someone else. The probate court...

When a homeowner can’t afford to pay their mortgage, they risk foreclosure, wherein the lender (usually their bank) reclaims the property...

A provision in a mortgage or deed of trust that permits the lender to declare the entire principal balance of the debt immediately due...

A Seller’s Disclosure is a legal document sellers must fill out stating any home defects that may affect its value. Requirements on what...

The loan-to-value (LTV) ratio is the mortgage loan balance divided by the home’s value. It shows how much you’re borrowing from a lender...

A property’s fair market value is its accurate valuation in a free and open market under the condition that buyers and sellers are...

Also known as an acceleration covenant, this is a contract provision requiring the borrower to repay all of their outstanding loan to a...

Earnest money is one of the most critical real estate terms every home buyer and seller should understand—the earnest money an agent...

Homes listed as for sales by owner (FSBO) are being sold without the help of a real estate agent. The biggest benefit to the seller is...

An assessor is a public official who establishes the value of a property for taxation purposes. Considering a career in real estate?...

If you put an offer on a home without seeing it in person, you’re making a blind offer. This may happen when an out-of-state buyer is...

The government retains the right to take private property and convert it for public use if it compensates the owner fairly. This right is...