These are just a few of the Real Estate Terms that are used. 

 

Closing costs Expenses incidental to the sale of real estate, including loan, title and appraisal fees.

 

Closing The final procedure in which documents are signed and recorded, and the property is transferred.

 

Closing statement A document which details the final financial settlement between a buyer and seller and the costs paid by each party.

 

Consumer Credit Counseling Service (CCCS) A nationwide, nonprofit organization that helps consumers get out of debt and improve their credit profile. National headquarters: 801 Roeder Road, Suite 900 Silver Spring, MD 20910. Phone: (800) 388-2227.

 

Contingency A condition specified in a purchase contract, such as a satisfactory home inspection

 

Conventional mortgage loan  A type of mortgage in which the underlying terms and conditions meet the funding criteria of Fannie Mae and Freddie Mac. About 35-50% of mortgages, depending on market conditions and consumer trends, are conventional mortgages. In other words, Fannie Mae and Freddie Mac guarantee or purchase 35-50% of all mortgages. Conventional mortgages may be fixed-rate or adjustable-rate mortgages.

 

Deed The legal document that transfers ownership of a piece of property


FHA Loan is a government mortgage that is insured by the Federal Housing Authority.  FHA loans are helpful for individuals who otherwise would not have been given mortgage due to income or credit.

 

A foreclosed home occurs when a homeowner defaults on a home loan, the lender pursues a foreclosure of the home by selling it at public auction. A foreclosed home can often be bought at an auction for less than its actual market value. This presents a unique opportunity for homebuyer or real estate  investor looking to save a great deal of money on their next property purchase.

 

HUD homes" is a term often heard in connection with government-foreclosed homes. Actually, this is a misnomer, as all these homes started out as homes that had loans backed by the Federal Housing Administration (FHA) .  When an FHA-insured loan goes into default, the home then falls under the jurisdiction of HUD, which has the responsibility of disposing of it. For more information on HUD homes visit: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/reobuyfaq

 

A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.