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Synonymsland, property, real property, estate, realty, assets

Real estate : Also called "real property." (1) Land and anything permanently affixed to the land, such as building, fences and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other such items that would be personal property if not attached. (2) May refer to rights in real property as well as the property itself.

(Consult the glossary below to learn more about real estate and housing)

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GLOSSARY OF REAL ESTATE AND HOUSING TERMS

Acceptance of sale/sales contract
An offer of purchase that has been signed by both buyer and seller. A firm contract that outlines all details of the property transaction. (Same as "offer to purchase/contract of sale/sales contract.")

Bi-Weekly Mortgage
A mortgage that requires payments every two weeks and helps repay the loan over a shorter term.

Contract of purchase
A document that lists the price, conditions and terms under which the buyer is willing to purchase the property. (Each of these means the same thing: offer to purchase, or purchase offer, or earnest money agreement, or contract of purchase, or deposit receipt.)

Deposit receipt
A document that lists the price, conditions and terms under which the buyer is willing to purchase the property. (Each of these means the same thing: offer to purchase, or purchase offer, or earnest money agreement, or contract of purchase, or deposit receipt.)

Equity
a) Equity is the sale price minus selling costs and the remaining principal on the mortgage. The money you are left with after selling your home and paying off the mortgage, selling costs and any other liens.

b) The amount of ownership that one has in a home. Ownership value is built up by paying down the principal on your mortgage plus the increase in value (appreciation) of your home in the market place.

First mortgage
The senior mortgage that, by reason of its position, has priority over all junior encumbrances. The holder has a priority right to payment in the event of default.

Government National Mortgage Association
Commonly known as Ginnie Mae, this agency buys home loans from lenders, pools them with other loans and sells shares to investors. Ginnie Mae differs from its cousins, Fannie Mae and Freddie Mac, in that it only purchases loans backed by the federal government.

Home Owners Warranty
A type of insurance often purchased by homebuyers that will cover repairs to certain items, such as heating or air conditioning, should they break down within the coverage period. The buyer often requests the seller to pay for this coverage as a condition of the sale, but either party can pay.

HUD - 1 - Uniform Closing Statement
A closing statement or settlement sheet that outlines all closing costs on a real estate transaction or refinancing.

Inspection Report
An examination of a home's exterior, foundation, framing, plumbing, electrical system, heating, air conditioning, fireplace, kitchen, bathroom, roofing and interior. See also Home Inspection.

Joint Tenancy
A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety.

Lease
A written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time.

Leverage
The use of credit to finance a portion of the costs of purchasing or developing a real estate investment. Positive leverage occurs when the interest rate is lower than the capitalization rate or projected internal rate of return. Negative leverage occurs when the current return on equity is diminished by the employment of debt.

Mortgage
A legal document that pledges a property to the lender as security for payment of a debt. Instead of mortgages, some states use First Trust Deeds.

Multiple Listing Service (MLS)
A networking system, frequently on computer, in which a number of real estate firms share information about their clients' houses that are for sale. Most Residential realtors belong to a local service.

Net investment in real estate
Gross investment in real estate less the outstanding debt balance

Open Listing
A property given to a number of brokers to market at the same time. Typically, who ever sells the real estate earns the commission.

Real Estate Settlement Procedures Act (RESPA)
Federal law designed to make sellers and buyers aware of settlement fees and other related costs to their mortgage. A consumer protection law that requires lenders to give borrowers advance notice of closing costs.

Real property
Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.

Realtor®
A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.

REIT (Real estate investment trust)
A business trust or corporation that combines the capital of many investors to acquire or provide financing for real estate. A corporation or trust that qualifies for REIT status generally does not pay corporate income tax to the IRS. Instead, it pays out at least 90 percent of its taxable income in the form of dividends.

Seller's Market
A hot real estate market in which sellers have the advantage and multiple offers are common.

Second Mortgage
A mortgage that has a lien position subordinate to the first mortgage.

Tenant (lessee)
One who rents real estate from another and holds an estate by virtue of a lease.

U.S. Department of Housing and Urban Development (HUD)

A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.

Variance
Permission that allows a property owner to depart from the literal requirements of a zoning ordinance that, because of special circumstances, cause a unique hardship. Applicant must prove a need or fault.

Zoning
The division of a city or town into zones and the application of regulations having to do with the architectural design and structural and intended uses of buildings within such zones.

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