A deficiency that strongly impacts the usability and habitability of a house. Or a deficiency that may be very expensive to repair.
Once known as ''mobile homes,'' manufactured housing is any building which has been constructed off site, then moved onto a piece of real property.
The difference between the interest rate and the index on an adjustable rate mortgage.
Land whose value has been diminished due to some internal defect or external condition. In most cases, the cost to correct the flaw or condition is as much or more than the expected return from the property.
An umbrella organization that is made up of multiple, smaller home owner's associations. Often found in very large developments or condominium projects.
The date on which the principal balance of a financial instrument becomes due and payable.
MERGED CREDIT REPORT
A credit report derived from data obtained from multiple credit agencies.
METES AND BOUNDS
A traditional way of describing property, generally expressed in terms of distance from a known landmark or intersection, and then following the boundaries of the property back to its origin.
The accumulated land in and around a city or other municipality which falls under the political and economic influence of that entity.
The legal right to exploit and enjoy the benefits of any minerals located below the surface of a parcel of land.
A statement by one party in a transaction that is incorrect or misleading. Most misrepresentations are deemed to be intentional and thus may constitute fraud. Others, however, some are rendered through simple mistakes, oversights or negligence.
A financial arrangement wherein an individual borrows money to purchase real property and secures the loan with the property as collateral.
A financial institution that provides primary and secondary mortgages to home buyers.
A person or organization that serves as a middleman to facilitate the mortgage process. Brokers often represent multiple mortgage bankers and offer the most appropriate deal to each buyer.
The entity that lends money in a real estate transaction.
A policy that fulfills that obligations of a mortgage when the policy holder defaults or is no longer able to make payments.
MORTGAGE INSURANCE PREMIUM (MIP)
An fee that is often included in mortgage payments that pays for mortgage insurance coverage.
MORTGAGE LIFE INSURANCE
A policy that fulfills the obligations of a mortgage when the policy holder dies.
The entity that borrows money in a real estate transaction.
Any collection of buildings that are designed and built to support the habitation of more than four families.
Real Estate Definitions